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1 Following are the characteristics of preferred stock EXCEPT
a.
Liquidation priorities
b.
Non-voting rights
c.
Call provisions
d.
Residual interests
2 Following are the reasons for the difference between accounting income and economic income EXCEPT
a.
Earnings management
b.
Alternative income concepts
c.
Separate legal entity
d.
Historical cost
3 The two main processes of accounting concept of income are
a.
revenue recognition and expense matching.
b.
assets possession and equity contribution.
c.
revenue recognition and assets owned.
d.
assets possession and debt obligation.
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