Which of the following is not true regarding SFAC No. 7?
a. SFAC No. 7 requires that estimated future cash flows be used for asset measurement in certain circumstances.
b. SFAC No. 7 concerns specific measurement issues rather than conceptual-type issues.
c. SFAC No. 7 applies only to initial recognition and not subsequent revaluations.
d. SFAC No. 7 is divided into two parts: asset measurement and income measurement.
ANSWER: D
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What will be an ideal response?
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A) variable rate B) fixed cost C) total fixed cost + total variable cost D) number of units sold
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