Answer the following statements true (T) or false (F)
The FASB defines comprehensive income using the income-expense approach to defining accounting elements.
ANSWER: F
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Which one of the following is an economic obligation for a business entity?
a. Salaries paid to employees for services rendered b. Amounts owed to creditors c. Materials used in manufacturing products d. Payment of rent for the next year
Which of the following is a difference between the Federal Emergency Management Agency (FEMA) and the United States Coast Guard?
A. Unlike FEMA, the United States Coast Guard empowers front-line individuals to solve problems without waiting for superiors to give directions. B. Unlike the United States Coast Guard, FEMA is a less bureaucratic organization that takes into account the opinions of all employees before making a decision. C. Unlike the United States Coast Guard, FEMA is able to act swiftly even when a situation does not fit plans and the existing rules do not apply. D. Unlike FEMA, the United States Coast Guard cannot effectively move information up to decision makers in time.
Larissa is working on her company's marketing plan and wants to include information about difficulties her company may face from a strong competitor. Larissa should include this information under "Weaknesses" in a SWOT analysis
Indicate whether the statement is true or false
In a(n) _____ relationship between two quantities, either one quantity never increases as the other increases, or one quantity never decreases as the other increases
a. monotonic b. random c. classified d. independent