Which of the following is/are true?
a. Both U.S. GAAP and IFRS provide for the option of reporting selected financial assets and financial liabilities at fair value and recognizing gains and losses in net income as fair values change.
b. Once elected, the fair value option is irrevocable for the instrument to which the firm applies it.
c. Both U.S. GAAP and IFRS require measurement at fair value with changes included in income for three items: (1) trading securities, (2) fair value hedges, (3) derivatives not designated as hedges.
d. Firms can elect the fair value option for the following items: (1) bonds held to maturity, (2) available-for-sale securities, and (3) cash flow hedges.
e. all of the above
E
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Which of the following terms refers to a tax levied by a foreign government against certain imported products?
A) embargo B) tariff C) excise D) exchange control E) quota
Which of the following is not one of the growth strategies outlined in the text?
A. Market development strategy B. Diversification strategy C. Customer development strategy D. Product development strategy
A company retires its bonds at 105. The face value is $100,000 and the carrying value of the bonds at the retirement date is $103,745. The issuer's journal entry to record the retirement will include a:
A. Debit to Discount on Bonds. B. Debit to Premium on Bonds. C. Credit to Bonds Payable. D. Credit to Gain on Bond Retirement. E. Credit to Premium on Bonds.
Which of the following is a primary characteristic of an entrepreneur?
a. extroverted b. optimistic c. analytical d. dashing e. emotional