Which statement relating to the Conceptual Framework's concept of understandability is incorrect?
O a. It is assumed that readers of financial reports have a reasonable knowledge of business
and economic activities.
O b. Information about complex matters should be included in the reports if it is considered
relevant to decision making.
O c. The financial reports are required to be simple to read and understandp
with reasonable diligence.​

Need true or false 1 2 3 4 5 6 7 8

Cash flows during the first year of operations for the harman-kardon consulting company were as follows: cash collected from customers, $385,000; cash paid for rent, $49,000; cash paid to employees for services rendered during the year, $129,000; cash paid for utilities, $59,000. in addition, you determine that customers owed the company $69,000 at the end of the year and no bad debts were anticipated. also, the company owed the gas and electric company $2,900 at year-end, and the rent payment was for a two-year period.

Margaret company reported the following information for the current year: net sales $3,000,000 purchases $1,957,000 beginning inventory $245,000 ending inventory $115,000 cost of goods sold 65% of sales industry averages available are: inventory turnover 5.29 gross profit percentage 28% how do the inventory turnover and gross profit percentage for margaret company compare to the industry averages for the same ratios? (round inventory turnover to two decimal places. round gross profit percentage to the nearest percent.)