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An accounting student has just been introduced to present value analysis and comes to you with the following question, "How is present value used in the financial statements?"
Required:
Give the student examples of financial statement accounts that are stated at present value and explain the advantages of using present value for certain financial statement items.
Consumer Surplus
The financial gap between the potential spending by consumers on a product or service versus their actual spending.
Marginal Utility
The added enjoyment or advantage gained by using one more unit of a good or service.
Marginal Utility
The additional satisfaction or benefit received by consuming one more unit of a good or service.
Total Utility
The overall pleasure gained through consuming a certain volume of goods or services.
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