All of the following statements are true except:
a. U.S. GAAP and IFRS define fair value as "the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.".
b. The fair value of an asset is an opportunity cost in the sense that fair value reflects an
amount that the firm could receive if it sold the asset today.
c. Current replacement cost is often used in U.S. GAAP to measure inventories whose usefulness has declined below acquisition cost.
d. Net realizable value is similar, but not identical, to fair value.
e. Net realizable value is not allowed by IFRS.
E
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Ashley, a customer service supervisor, has high self-efficacy. She is therefore more likely to think that her goal of becoming a CEO is
A) ridiculous. B) realistic. C) too mercenary. D) too people-oriented.
All of the following are the basic ideas included in the definition of the marketing concept EXCEPT
A. total company effort. B. making whatever products are easy to produce and then trying to sell them. C. profit, or another measure of long-term success, as an objective. D. giving customers what they need. E. customer satisfaction.
A firm with a product in the market maturity stage of the product life cycle is likely to focus on which basic promotion objective?
A. lagging B. pioneering C. publicizing D. informing E. persuading
________ is the collective term used to describe a firm's decisions as to how customers will qualify for credit, what payment plan is allowed to creditors, and how overdue bills will be collected
A) Credit history B) Credit policy C) Collection policy D) Payment policy