The responsibility of the Emerging Issues Task Force (EITF) is to
a. issue statements which reflect a consensus of the EITF on how to account for new financial reporting issues where guidance is needed quickly.
b. do research on financial reporting issues that are being addressed by the AICPA.
c. respond to groups lobbying the FASB on issues that affect a particular industry.
d. develop concept statements the AICPA can use as a frame of reference to solve future problems.
A
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Indicate whether the statement is true or false
By selling a laptop at $1,000 for which consumers are willing to pay up to $1,200, a consumer electronics firm makes a profit of $400 per unit. In this scenario, the amount $600, that is ($1200 - $1000) + $400, is the
A. consumer surplus. B. opportunity cost. C. reservation price. D. economic value created.
______ population source theoretically represents systems that potentially have a large number of possible customers.
A. Limited B. Constant C. Infinite D. Discrete
Melody's Piano School operations for the month of May were limited to the following transactions:Provided $800 of piano lessons to students who paid in cash. Provided $200 of piano lessons on account. Collected $600 from students who took piano lessons during April. Paid April's piano rental bill of $200. Received May's piano rental bill of $300 and set it aside for payment in June. Assuming the company uses accrual basis accounting, what is net income for May?
A. $800. B. $1,200. C. $600. D. $700.