Which of the following methods of reporting comprehensive income did the FASB members that dissented from SFAS No. 130 believe most firms would use?
a. Reporting comprehensive income in a combined statement of financial performance
b. Reporting comprehensive income in a separate statement of comprehensive income which would begin with net income
c. Reporting comprehensive income within a statement of changes in equity
d. Not reporting comprehensive income
ANSWER: C
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Which of the following long-lived assets presents the most difficult in determining its cost?
a. Equipment. b. Inventory. c. Patent. d. All the above are equally difficult in determining cost.
Which of the following may be at least partly exempt from antitrust laws?
a. agricultural cooperatives b. insurance firms regulated by the states c. the medical profession d. agricultural cooperatives and insurance firms regulated by the states e. agricultural cooperatives and insurance firms regulated by the states and the medical profession
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