USGAAP and IFRS Distinguish Between Revenues and Expenses on the One

question 98

Multiple Choice

U.S.GAAP and IFRS distinguish between revenues and expenses on the one hand and gains and losses on the other.Which of the following is/are true?

• A)Revenues and expenses result from the recurring, primary operating activities of a business.
• B)Income items include the ordinary, recurring operating activities of the firm.
• C)Gains and losses result from either peripheral activities or nonrecurring activities.
• D)The reporting of revenues and expenses are at gross amounts, and firms report gains and losses at net amounts.
• E)all of the above

Identify the concept of economic profits versus accounting profits.

Understand the implication of short-run and long-run market adjustments.

Describe how changes in demand affect the market in the short run and long run.

Understand the determinants of the industry supply curve elasticity in the short run and long run.

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