The FTC Publishes a Rule Regulating TVs and Blu-Ray DVD

question 34

Multiple Choice

The FTC publishes a rule regulating TVs and Blu-Ray DVD players for public comment but revises it to include traditional DVD players also.Should the FTC republish the revision?

• A) no because the new rule is more limited than the original proposal
• B) no because there is generally no legal obligation to provide an additional comment period
• C) no because it was a logical outgrowth of the original rule
• D) no, there was no need for publication of the original rule

Understand the requirements for reporting valuation changes in various liabilities and assets under both U.S. GAAP and IFRS.

Grasp the concept of other comprehensive income (OCI) and its reporting requirements.

Identify and differentiate between types of expenses and their recognition.

Understand the necessity and types of adjusting entries in accounting.

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Definitions:

Prejudice

A preconceived opinion or bias against an individual or group without just grounds or sufficient knowledge.

Negative Opinions

Unfavorable or critical views and judgments formed about something or someone, often without full knowledge or experience.

Knowledge Workers

Employees whose primary job involves handling or using information and knowledge, rather than manual labor.

Information Technology

The use of computers, networks, and other physical devices, infrastructure and processes to collect, process, store, secure, and exchange all forms of electronic data.