An efficient market is a market that establishes correct prices for the securities that firms sell and allocates funds to their most productive use as a result of the intense competition among investors
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TRUE
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Firms account for leases using either the operating lease method or the capital (finance) lease method. Which of the following is not true?
a. The operating lease method treats leases as executory contracts. b. The operating lease method does not recognize a leased asset on the lessee's balance sheet. c. The operating lease method does not recognize a lease liability on the lessee's balance sheet. d. Under the operating lease method, the lessor does not recognize rent revenue as the lessee uses the leased asset over time. e. Under the operating lease method, the lessee recognizes rent expense as the lessee uses the leased asset over time.
GAAP is the accounting profession's rule-setting body
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In the context of setting performance objectives, which of the following statements is most likely true of timeliness?
A. It involves the development of new and workable approaches. B. It includes the four areas of manpower, material, machines, and methods. C. It deals with items other than rejects or specific errors and is more subjective in judgment. D. It is measured by the two factors of errors and appearances.
Microsoft Access 2013 databases are stored using the file extension .accdb
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