IFRS differ from U.S.GAAP regarding the indirect effects of a change in accounting principle in that IFRS

A) do not specify when the indirect effects should be reported or what disclosures are required
B) do not specify when the indirect effects should be reported
C) do not specify what disclosures are required
D) specify when the indirect effects should be reported and what disclosures are required

Assume a purely competitive increasing-cost industry is initially in long-run equilibrium, producing 10 million units at a market price of $5.00. Suppose that an increase in consumer demand occurs. After all economic adjustments have been completed, which output and price combination is most likely to occur?

A) 11 units at a price of $4.75.
B) 12 units at a price of $5.50.
C) 9.5 units at a price of $4.50.
D) 9 units at a price of $5.25.

Matt is summarizing his research findings and writing a report to share with his team. What step in the marketing research process is Matt in?

A) taking action
B) peer review
C) implementation
D) analyzing outcomes
E) evaluation

Inventory at the end of the year was inadvertently overstated. Which of the following statements correctly states the effect of the error on net income, assets, and stockholders' equity?

A) net income is overstated, assets are overstated, and stockholders' equity is understated
B) net income is overstated, assets are overstated, and stockholders' equity is overstated
C) net income is understated, assets are understated, and stockholders' equity is understated
D) net income is understated, assets are understated, and stockholders' equity is overstated

Every oligopolist

A) is part of a cartel.
B) colludes openly.
C) can ignore the actions of her competitors.
D) takes into account the actions of her competitors.

The accounting equation states that Assets = Liabilities + Stockholders' Equity.