The IASB and FASB Are Currently Working on a Joint

question 379

Multiple Choice

The IASB and FASB are currently working on a joint project to complete a common conceptual framework.According to the proposed (new) definition, which of the following would be considered liabilities?

• A)accounts receivable and accounts payable
• B)constructive obligations, long term leases and insurance contracts
• C)accounts payable, unearned revenue, and copyrights
• D)lawsuits - both settled and in progress

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Definitions:

Process of Socialization

The process through which individuals learn and adapt to the norms, values, behaviors, and social skills necessary to interact within their society.

Socialization

The process by which individuals learn and adopt the norms, customs, values, and behaviors appropriate to their society or specific social group.

Secondary Socialization

Is socialization outside the family after childhood.

Anticipatory Socialization

Involves taking on the norms and behaviors of a role to which we aspire.