ETH/557 - ACCOUNTING ETHICS Final exam

Jun 27th, 2016
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1. In 2003, FASB and IASB met and established four criteria for establishing revenue recognition. To recognize revenue, which of the following conditions must be present? A change in assets has occurred and can be appropriately measured. Payment for the sale must be received prior to recognizing the revenue. The product or deliverable, in the case of a service business, has been received by the customer. A promise to deliver has been established. 2. Failure to provide any care in fulfilling a duty owed to another is called gross negligence constructive fraud breach of contract negligence 3. Which of the following is a fundamental characteristic of the market system? Unselfish behavior Central planning by government Government-set wages and prices Property rights 4. The income effect indicates that consumers should substitute among various products until the marginal utility from the last unit of each product purchased is the same a rise in money income will cause consu

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ETH/557 - ACCOUNTING ETHICS Final exam1. In2003, FASB and IASB met and established four criteria for establishing revenuerecognition. To recognize revenue, which of the following conditions must be present?A change in assets has occurred and can be appropriately measured.Payment for the sale must be received prior to recognizing the revenue.The product or deliverable, in the case of a service business, has been received by the customer.A promise to deliver has been established.2. Failure to provide any care in fulfilling a duty owed to another is calledgross negligenceconstructive fraudbreach of contractnegligence3. Which of the following is a fundamental characteristic of the market system?Unselfish behaviorCentral planning by governmentGovernment-set wages and pricesProperty rights4. The income effect indicates thatconsumers should substitute among various products until the marginal utility from the last unitof each product purchased is the samea rise in money income will cause consumers to buy smaller quantities of normal goodswhen the price of a product falls, a consumer will be able to buy more of it with a specificincomewhen the price of a product falls, the lower price will induce the consumer to buy more of thatproduct now that it is relatively cheaper5. The price elasticity of demand coefficient measuresthe slope of the demand curvehow far business executives can stretch their fixed costsbuyer responsiveness to price changesthe extent

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