E-Marketplace Can Take Two Different Formats, Which Are

question 47

Multiple Choice

E-marketplace can take two different formats, which are

• A)bricks-and-mortar exchanges and clicks-and-mortar exchanges.
• B)privately owned trading communities and open-to-the-public trading communities.
• C)networked exchanges or public trading communities.
• D)independent trading communities or private exchanges.
• E)public exchanges and networked exchanges.

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Definitions:

Fundamental Qualitative Characteristics

The primary attributes that make the information provided in financial statements useful to users.

FASB Conceptual Framework

A foundational set of objectives and concepts that guide the Financial Accounting Standards Board in developing accounting standards.

GAAP

Generally Accepted Accounting Principles; a collection of commonly followed accounting rules and standards for financial reporting in the United States.

Financial Reporting

Financial reporting involves the disclosure of financial information to various stakeholders about the company's performance over a period.