Regarding generally accepted accounting principles (gaap), which of the following statements is incorrect? a. relevant information is complete, neutral, and free from error. b. gaap is currently formulated by the financial accounting standards board. c. gaap rests on a conceptual framework that identifies the objectives, characteristics, elements, and implementation of financial statements. d. the primary objective of financial reporting is to provide information useful for making investment and lending decisions.

Aquatic marine stores company manufactures special metallic materials and decorative fittings for luxury yachts that require highly skilled labor. aquatic uses standard costs to prepare its flexible budget. for the first quarter of the year, direct materials and direct labor standards for one of their popular products were as follows: direct materials: 3 pounds per unit; $ 6 per pound direct labor: 4 hours per unit; $ 19 per hour during the first quarter, aquatic produced 5 comma 000 units of this product. actual direct materials and direct labor costs were $ 65 comma 000 and $ 330 comma 000, respectively. for the purpose of preparing the flexible budget, calculate the total standard direct materials cost at a production volume of 5 comma 000 units.

Wallace company provides the following data for next year: month budgeted sales january $120,000 february 108,000 march 140,000 april 147,000 the gross profit rate is 35% of sales. inventory at the end of december is $29,600 and target ending inventory levels are 10% of next month's sales, stated at cost. what is the amount of purchases budgeted for january?

Abond purchased for $950 was sold for $980 after one year. the interest received during the year is $25. the bond's yield is: