In Working with Diverse Clients, Practitioners Should Be Aware of Issues

question 6

Multiple Choice

In working with diverse clients, practitioners should be aware of issues related to self-esteem, identity formation, isolation, and role assumption. All of these issues are likely related to which of the following?

• A) Cultural history
• B) Family structure
• C) Diversity within culture
• D) Minority status

Understand and apply the principles of proportionate consolidation and the equity method in accounting for investments in joint operations.

Assess and eliminate intercompany transactions and unrealized profits in inventories and receivables.

Determine the effects of transactions between an investor and a joint operation on the financial statements.

Allocate acquisition differential arising from a joint venture.

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Definitions:

Mark-up

A rephrased definition: The amount by which the selling price of an item exceeds its cost price, expressed as a percentage of the cost.

Markdown

A reduction from the original or retail price of a good or service to increase its attractiveness to buyers.

Operating Expenses

Expenses related to the routine functioning of a company, not including the expenses of products sold.

Operating Profit

Profit earned from a firm's core business operations, excluding deductions of interest and tax.