Which of the following methods of reporting comprehensive income is preferred by the FASB?
a. Reporting comprehensive income in a combined statement of financial performance
b. Reporting comprehensive income in a separate statement of comprehensive income which would begin with net income
c. Reporting comprehensive income within a statement of changes in equity
d. Not reporting comprehensive income
ANSWER: A
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Lee Sisters reports income before income taxes of $20,000 during 2014. If beginning inventory was understated by $6,000 and ending inventory was overstated by $2,400, calculate corrected income before income taxes for the year. (Show your work.)
Which question is not associated with the financials when conducting product screening?
a. Who is the competition? b. What are the barriers to entry for this product? c. Are the preliminary product design specifications established? d. What is the expected profit?
Which of the following statements is true of Web 1.0?
A. It consisted mainly of static sites resulting in a one-way flow of communication. B. It led to dramatic changes in the World Wide Web with information provided by users as contributors. C. It led to the decentralization of communications and interactivity. D. Web 2.0 users acted as contributors in Web 1.0. E. It started with the bursting of the dot-com bubble.
Marketers use public relations to:
A. earn public understanding and acceptance B. communicate with the community in which they operate C. educate the public about company goals D. introduce new products E. do all of these things