Measurement of the economic effects on an entity involves each of the following except
a. Quantification of effects
b. Identification of the attribute to be measured
c. Selection of an appropriate unit of measure
d. Recording the economic effects in the financial statements
d
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Apologies can increase the company's credibility, move the business forward, and improve the outcome of litigation
Indicate whether the statement is true or false
Figure 5-1Based on Figure 5-1 above, what is the NAICS code for cable and other subscription programming?
A. 51512 B. 51520 C. 511 D. 5152 E. 511515
Extinction of a gift by a testator's failure to change his will after changed circumstances have made the performance of a provision in the will impossible is termed:
A) renunciation. B) ademption. C) abatement. D) escheat.
Tobey receives 1,000 shares of YouDog! stock as part of his compensation package. Tobey's employment contract with YouDog!, Inc., states that if he leaves before completion of three years of employment, he will forfeit the stock. The stock currently has a fair market value of $12 per share. Which of the following statements regarding Tobey's choices is not true?
A) Tobey does not have to recognize any income from receiving the stock until his rights to the stock are fully vested. B) Tobey must report $12,000 as income due to the receipt of the stock in the current year. C) Tobey may elect to report the $12,000 FMV of the stock as ordinary income in the current year. D) If Tobey elects to report $12,000 as income in the current year and the stock price falls to $5 per share when his rights to the stock are vested, Tobey is not allowed to deduct a loss.