Indicate whether the following statements about the conceptual framework are true or false.(a)Accounting rule-making that relies on a body of concepts will result in useful and consistent pronouncements. select an option (b)General-purpose financial reports are most useful to company insiders in making strategic business decisions. select an option (c)Accounting standards based on personal conceptual frameworks generally will result in consistent and comparable accounting reports. select an option (d)Capital providers are the only users who benefit from general-purpose financial reporting. select an option (e)Accounting reports should be developed so that users without knowledge of economics and business can become informed about the financial results of a company. select an option (f)The objective of financial reporting is the foundation from which the other aspects of the framework logically result.

Exercise 18-15 sheffield appliance center is an experienced home appliance dealer. sheffield appliance center also offers a number of services for the home appliances that it sells. assume that sheffield appliance center sells ovens on a standalone basis. sheffield appliance center also sells installation services and maintenance services for ovens. however, sheffield appliance center does not offer installation or maintenance services to customers who buy ovens from other vendors. pricing for ovens is as follows. oven only $790 oven with installation service 850 oven with maintenance services 970 oven with installation and maintenance services 990 in each instance in which maintenance services are provided, the maintenance service is separately priced within the arrangement at $180. additionally, the incremental amount charged by sheffield appliance center for installation approximates the amount charged by independent third parties. ovens are sold subject to a general right of return. if a customer purchases an oven with installation and/or maintenance services, in the event sheffield appliance center does not complete the service satisfactorily, the customer is only entitled to a refund of the portion of the fee that exceeds $790. assume that a customer purchases an oven with both installation and maintenance services for $990. (b) indicate the amount of revenue that should be allocated to the oven, the installation, and to the maintenance contract.

Abank has $132,000 in excess reserves and the required reserve ratio is 11 percent. this means the bank could have in checkable deposit liabilities and in (total) reserves.

What is the sequence of events that could lead to trade surplus