The Chapter 17 Reaching Beyond Our Borders Box Discusses the Future

question 24

Multiple Choice

The Chapter 17 Reaching Beyond Our Borders box discusses the future of international accounting standards.In summary,the message is:

• A)GAAP Generally Accepted Accounting Standards)created and established in the U.S.will be adopted worldwide by 2014.
• B)Accounting professionals do not see an immediate need to standardize accounting practices globally due to the fact that patents and other legal measures are not standardized.
• C)Due to the fact that global markets continue to rise in economic importance,the accounting field is working on integrating GAAP with IFRS International Financial Reporting Standards).
• D)It has been established that most U.S.accountants will refuse to acknowledge the IFRS standards because U.S.accounting firms mostly represent companies that do business domestically.

Recognize examples of artificially scarce goods and understand why they are considered as such.

Understand the implications of goods being nonrival and/or nonexcludable on their consumption and provision.

Identify the effects of consumption characteristics (rivalry and excludability) on market efficiency.

Understand how different types of goods are managed or provided in society.

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Definitions:

Business Intelligence

The technology-driven process for analyzing data and presenting actionable information to help executives, managers, and other corporate end users make informed business decisions.

Strategic Decision Making

High-level, long-term decisions made by top executives that shape the direction and future of an organization.

HRM Software Information

Systems and applications that automate and facilitate human resource management tasks, from payroll to employee performance evaluation.

Network Environment

A digital infrastructure that allows for the interconnection and interaction of computers, devices, and systems.