Which of the following is/are true?
a. Comprehensive income equals the net amount of revenues, expenses, gains, and losses during an accounting period.
b. Authoritative guidance classifies revenues and expenses arising from a firm's core business as components of net income.
c. Net income includes gains and losses from sales or exchanges of assets or settlements of liabilities related incidentally or peripherally to the firm's core business.
d. Authoritative guidance classifies gains and losses from the remeasurement of certain assets and liabilities as either net income or other comprehensive income.
e. all of the above
E
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North Carolina produces sweet potatoes in its rich soil, but does not have the climate to grow oranges well. It is correct to say that North Carolina has a _________sweet potato production relative to Florida.
a. free trade agreement with b. monopoly on c. comparative advantage in d. trade imbalance with
Which of the following is a part of the second stage of reverse innovation?
A) probing for new insights B) verifying the size of the opportunities C) determining new product benefits that address unmet customer needs D) building a value proposition around the competitive advantages of the product E) "inventing to order" with continuous customer involvement and feedback
You are auditing a company whose management has intentionally made adjustments to various financial statement items that are not in accordance with generally accepted accounting principles. This behavior has occurred over a number of accounting periods
None of the individual adjustments by itself is material and the aggregate effect on the financial statements taken as a whole is immaterial. Top management of the client are aware of these misstatements and consider them part of their strategic management of earnings. Explain how you as the independent auditor should respond to this situation.
The Shareholder Wealth Maximization Model (SWM):
A) combines the interests and inputs of shareholders, creditors, management, employees, and society. B) is being usurped by the Stakeholder Capitalism Model as those types of MNEs dominate their global industry segments. C) clearly places shareholders as the primary stakeholder. D) is the dominant form of corporate management in the European-Japanese governance system.