The IASB and FASB Are Currently Working on a Joint

question 232

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 assets?

• A)accounts receivable, accounts payable, and patents
• B)insurance contracts and accounts receivable
• C)land, accounts receivable and unearned revenue
• D)property, plant and equipment and constructive obligations

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Definitions:

High-involvement Management

Describes organizational practices that empower employees by involving them in decision-making processes and giving them a degree of autonomy and control over their work.

Positive Organizational Behavior

Focuses on the application of positively oriented human resource strengths and psychological capacities that can be measured, developed, and effectively managed for performance improvement in the workplace.

Positive Organizational Behavior

Exploring and implementing the positive aspects of human resources and mental strengths that can be assessed, cultivated, and managed successfully to improve performance at work.

Well-being

A state of comfort, health, or happiness.