The argument that free trade is the best strategy for advancing the world's economic development

A. has received very mixed support in research studies.
B. was a fundamental element underlying mercantilism in the 16th century.
C. is one of the most contentious issues associated with economic globalization.
D. is a proposition with which almost all economists agree.
E. is the basis for much protectionist legislation in emerging markets.


Answer: D

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Loren Company's balance sheet shows a trade name acquired as part of a business combination with a carrying value of $30 million. The trade name has an indefinite life and therefore Loren does not amortize it. Negative publicity regarding the product carrying the trade name has reduced its fair value to $24 million and its value in use to $22 million. The entry is as follows:

a. Loss on Impairment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 8,000,000 Trade Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 8,000,000 b. Loss on Impairment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 6,000,000 Trade Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 6,000,000 c. Loss on Impairment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 4,000,000 Trade Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 4,000,000 d. Trade Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 6,000,000 Loss on Impairment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000,000 e. Trade Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 8,000,000 Loss on Impairment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000,000

Business

Generally accepted accounting principles requires that companies use the ____ of accounting

A) cash basis B) deferral basis C) accrual basis D) account basis

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Business