How did the definition of accounting change from the period before ASOBAT to the issuance of SATTA in 1977?
What will be an ideal response?
ANSWER:
Prior to ASOBAT, the most widely disseminated definition of accounting was used in 1953 in Accounting Terminology Bulletin No. 1, which emphasized the work and skill of the accountant. This definition fortified the perception of the accountant as a learned professional whose presentation must be accepted by those who do not have his qualifications and credentials. Virtually, no mention was made of the user of accounting information.
ASOBAT’s definition of accounting represented a fundamental departure from the past by addressing the users of accounting information and their needs. It defined accounting as “... the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information.”
APB Statement 4 started by defining accounting along the newer, user-oriented track that ASOBAT took. APB 4 then went further than ASOBAT by stating that users of financial statements should be knowledgeable and should understand the characteristics and limitations of financial statements.
Both ASOBAT and APB Statement 4 recognized the fact that many user groups require information for decision-making purposes. One of ASOBAT’s reactions to this problem was to call for multiple measures. The Trueblood Report, on the other hand, established the premise that while there are different user groups, they make similar decisions and have similar information needs. SATTA was more pessimistic than the Trueblood Report and concluded that while there is a large degree of user homogeneity among high users, there is much less homogeneity among other users.
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Describe four broad strategies employed by market followers to meet their competitors. Which of these is unethical?
What will be an ideal response?
Product planners need to consider products and services on three levels. Each level adds more customer value. The most basic level is the ________, which addresses the question, "What is the buyer really buying?"
A) an actual product B) an augmented product C) core customer value D) co-branding E) exchange value
Which of the following is NOT a broad expression of value?
a. Value is low price. b. Value is whatever I want in a product. c. Value is the quality I get for the price I pay. d. Value is an expectation about a service outcome. e. Value is what I get for what I give.
Answer the following statement(s) true (T) or false (F)
1. Ethnicity is related to factors, such as skin, hair, or eye color, whereas race is associated with sociological factors such as nationality, culture, language and ancestry. 2. As stated in the textbook, it is illegal to fire employees for being lesbian, gay, bisexual, and transgender in all of the United States. 3. Individual differences are the various behavioral similarities and differences between people. 4. Self-esteem is our belief in our ability to succeed in a specific task or situation. 5. Self-esteem is our belief in our ability to succeed in a specific task or situation.