The greatest danger in using a long time period for a test market is:
A) the cost of the test market
B) fear the competition will have time to study the test market and react
C) the possibility of more interference from external factors
D) changes in the economy
B
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The International Accounting Standards Board (IASB):
A. Is the only source of generally accepted accounting principles (GAAP). B. Identifies globally preferred accounting practices to increase comparability among financial statements. C. Has the authority to impose its standards on companies around the world. D. Only applies to companies that are members of the European Union. E. Is the government group that establishes reporting requirements for companies that issue stock to the investing public.
The qualitative characteristics describe the attributes that enhance the usefulness of financial reporting information. The FASB's conceptual framework sets forth the qualitative characteristic of _____ that refers to the faithfulness with which accounting information represents what it purports to represent and the extent to which the information is both verifiable by independent measurers and
neutral with respect to the interest of a particular user group. a. relevance b. reliability c. comparability d. materiality e. understandability
Agency fund assets and liabilities are to be recognized :
A. at the time the government becomes responsible for the assets. B. only in the government-wide financial statements. C. when the earnings process is complete and collection is reasonably assured. D. when they are available and measurable.
An Export-Import Bank is a(n):
a. large global bank that makes loans exclusively to international firms. b. U.S. government export finance agency that seeks to level international competition. c. derivatives market run by a syndicate of large banks. d. an organization that provides secure communications for trade documents. e. organization that provides large, wholesale dollar payments services for governments.