If a contract modification does not create a separate contract, it is accounted for using
A) either a cumulative catch-up adjustment or a retrospective approach.
B) either a cumulative catch-up adjustment or a prospective approach.
C) either a retrospective approach or a prospective approach.
D) either a cumulative catch-up adjustment, a prospective approach, or a retrospective approach.
B
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Sensenig Propeller manufactures replica antique wooden airplane propellers. In the process of production, the company generates a great deal of scrap hardwood. How can using by-product pricing benefit the company?
What will be an ideal response?
A major drawback of Porter's five forces model is that it ignores the rivalry among firms in the industry.
Answer the following statement true (T) or false (F)
As a farmer, Charles Forsythe is familiar with the economics of perfect competition. How is the price at which he sells his corn determined?
A. It is determined by Charles because he has the product that many people want. B. The price is determined by combining the actions of all buyers and all sellers together. C. The price he will receive is primarily determined by the buyer at the local grain bin. D. The government sets the price of the corn to level the playing field for everyone. E. The price will be approximately 25 percent higher than what other farmers are selling the same corn for because Charles is an astute businessperson.
Wickard v. Filburn concerned the ability of Congress to impose controls on wheat growing, including a small farm that produced a small amount of wheat for use on the farm. The Supreme Court held that the controls were:
a. constitutional; while one farmer made no difference, all small farmers together could impact the wheat market b. unconstitutional since such a small amount was "insufficient commerce," but the regulations could be written to apply to all active sellers in the wheat market c. unconstitutional since all of the wheat was sold or used within the state d. unconstitutional since none of the wheat was sold; all wheat was used on the farm e. constitutional only to wheat actually sold in interstate commerce