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Indicate whether the statement is true or false
TRUE
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Realized gains and losses on investments in available-for-sale securities are reported
A) as a current asset. B) on the income statement. C) on the balance sheet as part of shareholders' equity. D) as a contra asset.
Which of the following are characteristics of the FASB?
a. It is part of the AICPA. b. Members are part-time employees of the FASB. c. A member must be a CPA. d. It makes more extensive use of research than its predecessors.
For managerial purposes, i.e., making decisions regarding the firm's operations, the standard financial statements as prepared by accountants under generally accepted accounting principles (GAAP) are often modified and used to create alternative data and metrics that provide a somewhat different picture of a firm's operations. Related to these modifications, which of the following statements is CORRECT?
A. The standard statements make adjustments to reflect the effects of inflation on asset values, and these adjustments are normally carried into any adjustment that managers make to the standard statements. B. The standard statements focus on accounting income for the entire corporation, not cash flows, and the two can be quite different during any given accounting period. However, the firm's value is based on its future cash flows because future cash flows indicate how much the firm can distribute to its investors. C. The standard statements provide useful information on the firm's individual operating units, but management needs more information on the firm's overall operations than the standard statements provide. D. The standard statements focus on cash flows, but managers should be less concerned with cash flows than with accounting income as defined by GAAP. E. The best feature of standard statements is that, if they are prepared under GAAP, the data are always consistent from firm to firm. Thus, under GAAP, there is no room for accountants to "adjust" the results to make earnings look better.
Answer the following statement(s) true (T) or false (F)
1. In socialism, government planning, rather than the market, coordinates economic activity. 2. Democracy is an economic system based on private ownership of property. 3. In communism, basic industries are owned by the government, but small-scale enterprises can be privately owned. 4. The United States is an example of a pure capitalist nation. 5. In the U.S. economy, when there is excess demand for something, the price goes down.