Reference no: EM132968125

Problem 1: Which one of the following is the correct definition of an asset?

Select one:

a. Asset is a past event, present obligation and a future cash flow of economic benefits.

b. assets is anything that increases equity.

c. Asset is a past event, gives controls and brings some future economic benefits.

d. assets is anything that reduces equity.

Problem 2: Positive Accounting Theory:

Select one:

a. Explain and predict which accounting methods management is likely to select from available choices.

b. Describe how social relationships are implicated in lobbying by interest groups in accounting standard-setting.

c. Prescribes which accounting methods should be used in particular circumstances.

d. Formulate an understanding of how accountability to a broader set of stakeholders should be achieved.