Universal standards make price discovery more costly, slower, and less accurate
Indicate whether the statement is true or false
FALSE
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FASB board members make standard-setting decisions guided by a conceptual framework that addresses the qualitative characteristics of accounting information. Which of the qualitative characteristics of accounting information holds that the information should represent what it is supposed to represent, in the sense that the information should correspond to the phenomenon being reported, and it
should be verifiable and free from bias? a. Relevance b. Reliability c. Comparability. d. Subjective e. all of the above
In a new task buying situation, the customer firm has had experience securing the product or service, but managers need to reevaluate alternatives
Indicate whether the statement is true or false
Article 6 of the Code does not:
a. apply to sales of goods in the ordinary course of business. b. define "bulk transfer" as any transfer in bulk and not in the ordinary course of business. c. apply to merchants whose principal business is the sale of merchandise from stock. d. include the transfer of a substantial part of equipment as a bulk transfer under any circumstances. e. All of the answers are correct.
A decision maker who uses the maximin criterion when solving a problem under conditions of uncertainty is:
A) an optimist. B) a pessimist. C) an economist. D) an optometrist. E) making a serious mistake; maximin is not appropriate for conditions of uncertainty.