Positive Statements

question 137

Multiple Choice

Positive statements:

• A) imply value judgments must be made.
• B) are factual and can be tested.
• C) deal with what ought to be.
• D) are dealt with primarily in microeconomics.

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Definitions:

Product Units

Discrete pieces or quantities of items that have been produced and are often counted, measured, or sold individually.

Flexibility of Practice

The capacity of a firm or practitioner to adjust and adapt procedures or methods in response to different situations or requirements.

Managerial Accounting

The practice of analyzing, interpreting, and communicating financial information to managers for the purpose of making informed business decisions.

Internal Operations

The activities and processes carried out within an organization to keep it running, including production, human resources, and finance.