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Flashcard 1425646161164

Tags
#cfa-level-1 #economics #economics-in-a-global-context #los #reading-20-international-trade-and-capital-flows
Question
The terms of trade capture the [...] of imports in terms of exports.
Answer
relative cost

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The terms of trade capture the relative cost of imports in terms of exports.

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2.1. Basic Terminology
e to a South African diamond exporter, Britain would classify the cost of the insurance as an export of services to South Africa. Other examples of services exported/imported include engineering, consulting, and medical services. <span>The terms of trade are defined as the ratio of the price of exports to the price of imports, representing those prices by export and import price indices, respectively. The terms of trade capture the relative cost of imports in terms of exports. If the prices of exports increase relative to the prices of imports, the terms of trade have improved because the country will be able to purchase more imports with the same amount of exports.2 For example, when oil prices increased during 2007–2008, major oil exporting countries experienced an improvement in their terms of trade because they had to export less oil in order to purchase the same amount of imported goods. In contrast, if the price of exports decreases relative to the price of imports, the terms of trade have deteriorated because the country will be able to purchase fewer imports with the same amount of exports. Because each country exports and imports a large number of goods and services, the terms of trade of a country are usually measured as an index number (normalized to 100 in some base year) that represents a ratio of the average price of exported goods and services to the average price of imported goods and services. Exhibit 1shows the terms of trade reported in Salvatore (2010). A value over (under) 100 indicates that the country, or group of countries, experienced better (worse) terms of trade rel







Flashcard 1431633530124

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-3-utility-theory #study-session-4
Question
The negative slope in the indifference curve simply represents that both goods are wanted; in order to maintain indifference, a [...] must be compensated for by [...]
Answer
decrease in one

an increase in the other

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pan>The indifference curve represents our consumer’s unique preferences over the two goods wine and bread. Its negative slope simply represents that both wine and bread are seen as “good” to this consumer; in order to maintain indifference, a <span>decrease in the quantity of wine must be compensated for by an increase in the quantity of bread.<span><body><html>

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3. UTILITY THEORY: MODELING PREFERENCES AND TASTES
n below and to the left of the indifference curve. Exhibit 2. An Indifference Curve Note: An indifference curve shows all combinations of two goods such that the consumer is indifferent between them. <span>The indifference curve represents our consumer’s unique preferences over the two goods wine and bread. Its negative slope simply represents that both wine and bread are seen as “good” to this consumer; in order to maintain indifference, a decrease in the quantity of wine must be compensated for by an increase in the quantity of bread. Its curvature tells us something about the strength of his willingness to trade off one good for the other. The indifference curve in Exhibit 2 is characteristically drawn to be convex







Flashcard 1435787726092

Tags
#cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question
Marginal revenue (MR)[...]
Answer
Change in total revenue divided by change in quantity; (∆TR ÷ ∆Q)

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Marginal revenue (MR)Change in total revenue divided by change in quantity; (∆TR ÷ ∆Q)

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3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
umber of time periods). For example, average revenue is calculated by dividing total revenue by the number of items sold. To calculate a marginal term, take the change in the total and divide by the change in the quantity number. <span>Exhibit 3 shows a summary of the terminology and formulas pertaining to profit maximization, where profit is defined as total revenue minus total economic costs. Note that the definition of profit is the economic version, which recognizes that the implicit opportunity costs of equity capital, in addition to explicit accounting costs, are economic costs. The first main category consists of terms pertaining to the revenue side of the profit equation: total revenue, average revenue, and marginal revenue. Cost terms follow with an overview of the different types of costs—total, average, and marginal. Exhibit 3. Summary of Profit, Revenue, and Cost Terms Term Calculation Profit (Economic) profit Total revenue minus total economic cost; (TR – TC) Revenue Total revenue (TR) Price times quantity (P × Q), or the sum of individual units sold times their respective prices; ∑(P i × Q i ) Average revenue (AR) Total revenue divided by quantity; (TR ÷ Q) Marginal revenue (MR) Change in total revenue divided by change in quantity; (∆TR ÷ ∆Q) Costs Total fixed cost (TFC) Sum of all fixed expenses; here defined to include all opportunity costs Total variable cost (TVC) Sum of all variable expenses, or per unit variable cost times quantity; (per unit VC × Q) Total costs (TC) Total fixed cost plus total variable cost; (TFC + TVC) Average fixed cost (AFC) Total fixed cost divided by quantity; (TFC ÷ Q) Average variable cost (AVC) Total variable cost divided by quantity; (TVC ÷ Q) Average total cost (ATC) Total cost divided by quantity; (TC ÷ Q) or (AFC + AVC) Marginal cost (MC) Change in total cost divided by change in quantity; (∆TC ÷ ∆Q) 3.1. Profit Maximization In free markets—and even in regulated market economies—profit maximization tends to promote economic welfare and a hig







Flashcard 1438520839436

Tags
#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 #subject-2-basic-principles-of-capital-budgeting
Question

Using the company cost of capital to evaluate a project is ______.

A. always correct
B. always incorrect
C. correct for projects that are about as risky as the average of the firm's other assets

Answer
Correct Answer: C

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ties create costs for other parts of the firm. For example, if the bookstore is considering opening a branch two blocks away, some customers who buy books at the old store will switch to the new branch. The customers lost by the old store are <span>a negative externality. The primary type of negative externality is cannibalization, which occurs when the introduction of a new product causes sales of existing products to decline. &#13

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Subject 2. Basic Principles of Capital Budgeting
d in the estimated cash flows since the effects of debt financing are reflected in the cost of capital used to discount the cash flows. The existence of a project depends on business factors, not financing. <span>Important capital budgeting concepts: A sunk cost is a cash outlay that has already been incurred and which cannot be recovered regardless of whether a project is accepted or rejected. Since sunk costs are not increment costs, they should not be included in the capital budgeting analysis. For example, a small bookstore is considering opening a coffee shop within its store, which will generate an annual net cash outflow of $10,000 from selling coffee. That is, the coffee shop will always be losing money. In the previous year, the bookstore spent $5,000 to hire a consultant to perform an analysis. This $5,000 consulting fee is a sunk cost; whether the coffee shop is opened or not, the $5,000 is spent. Incremental cash flow is the net cash flow attributable to an investment project. It represents the change in the firm's total cash flow that occurs as a direct result of accepting the project. Forget sunk costs. Subtract opportunity costs. Consider side effects on other parts of the firm: externalities and cannibalization. Recognize the investment and recovery of net working capital. Opportunity cost is the return on the best alternative use of an asset or the highest return that will not be earned if funds are invested in a particular project. For example, to continue with the bookstore example, the space to be occupied by the coffee shop is an opportunity cost - it could be used to sell books and generate a $5,000 annual net cash inflow. Externalities are the effects of a project on cash flows in other parts of a firm. Although they are difficult to quantify, they should be considered. Externalities can be either positive or negative: Positive externalities create benefits for other parts of the firm. For example, the coffee shop may generate some additional customers for the bookstore (who otherwise may not buy books there). Future cash flows generated by positive externalities occur with the project and do not occur without the project, so they are incremental. Negative externalities create costs for other parts of the firm. For example, if the bookstore is considering opening a branch two blocks away, some customers who buy books at the old store will switch to the new branch. The customers lost by the old store are a negative externality. The primary type of negative externality is cannibalization, which occurs when the introduction of a new product causes sales of existing products to decline. Future cash flows represented by negative externalities occur regardless of the project, so they are non-incremental. Such cash flows represent a transfer from existing projects to new projects, and thus should be subtracted from the new projects' cash flows. Conventional versus non-conventional cash flows. A conventional cash flow pattern is one with an initial outflow followed by a series of inflows. In a non-conventional cash flow pattern, the initial outflow can be followed by inflows and/or outflows. Some project interactions: Indepe







Flashcard 1443038891276

Tags
#cfa-level-1 #fra-introduction #study-session-7
Question

A company’s financial statements are the end-products of a process [...].

Answer
for recording the business transactions of the company

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An Introduction
those statements, and management discussion and analysis of results. A general framework for addressing most financial statement analysis tasks is also presented. A company’s financial statements are the end-products of a process <span>for recording the business transactions of the company. The second reading illustrates this process, introducing such basic concepts as the accounting equation and accounting accruals. The presentation of financial information







Flashcard 1448274955532

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-3-utility-theory #study-session-4
Question
transitive preferences axiom is assumed to hold for [...] as well as for [...]
Answer
indifference

strict preference.

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an>We assume that when comparing any three distinct bundles, A, B, and C, if A is preferred to B, and simultaneously B is preferred to C, then it must be true that A is preferred to C. This assumption is referred to as the assumption of transitive preferences , and it is assumed to hold for indifference as well as for strict preference.<span><body><html>

Original toplevel document

3. UTILITY THEORY: MODELING PREFERENCES AND TASTES
that about his two children. In effect, the father neither prefers one to the other nor is, in any meaningful sense, indifferent between the two. The assumption of complete preferences cannot accommodate such a response. Second, <span>we assume that when comparing any three distinct bundles, A, B, and C, if A is preferred to B, and simultaneously B is preferred to C, then it must be true that A is preferred to C. This assumption is referred to as the assumption of transitive preferences , and it is assumed to hold for indifference as well as for strict preference. This is a somewhat stronger assumption because it is essentially an assumption of rationality. We would say that if a consumer prefers a skiing holiday to a diving holiday and a diving







Flashcard 1448644840716

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
The cash flow statement is useful because it provides answers to the following simple yet important questions:

  • [...] during the period?
  • What was the cash used for during the period?
  • What was the change in the cash balance during the period?
Answer
Where did the cash come from

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The cash flow statement is useful because it provides answers to the following simple yet important questions: Where did the cash come from during the period? What was the cash used for during the period? What was the change in the cash balance during the period?

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Subject 2. Major Financial Statements
creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. <span>Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and cash payments during a period. It reports the cash receipts and cash outflows classified according to operating, investment, and financing activities. The cash flow statement is useful because it provides answers to the following simple yet important questions: Where did the cash come from during the period? What was the cash used for during the period? What was the change in the cash balance during the period? The statement's value is that it helps users evaluate liquidity, solvency, and financial flexibility. Liquidity refers to the "nearness to cash" of assets and liabilities, or having enough cash available to pay debts when they are due. Solvency refers to the company's ability to pay its debts as they mature. Cash flows reflect the company's liquidity and long-term solvency. Financial flexibility refers to a company's ability to respond and adapt to financial adversity and unexpected needs and opportunities. For example, cash flow information can be used to evaluate the effects of major investment and financing decisions. The details of income statements, balance sheets and cash flow statements will be covered in Study Session 8. Statement of Changes in Owners' Equity This statement reports the amounts and sources of changes in equity from capital transactions with owners.







Flashcard 1455382465804

Question
The middle brain links mainly with [...], and communication.
Answer
our emotions: fear, anger, love, affection

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The middle brain links mainly with our emotions: fear, anger, love, affection, and communication. It’s called the family, or limbic brain

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Flashcard 1479772605708

Tags
#cfa-level-1 #reading-25-understanding-income-statement
Question

IFRS specify that revenue from the sale of goods is to be recognized when the following conditions are satisfied:

  • the amount of revenue can be [...];

Answer
measured reliably

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ds of ownership of the goods; the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; the amount of revenue can be <span>measured reliably; it is probable that the economic benefits associated with the transaction will flow to the entity; and the costs incurred or to be incurred in respect o

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3. REVENUE RECOGNITION
lace and measures revenue at the amount of cash received. In practice, however, determining when revenue should be recognized and at what amount is considerably more complex for reasons discussed in the following sections. <span>3.1. General Principles An important aspect concerning revenue recognition is that it can occur independently of cash movements. For example, assume a company sells goods to a buyer on credit, so does not actually receive cash until some later time. A fundamental principle of accrual accounting is that revenue is recognized (reported on the income statement) when it is earned, so the company’s financial records reflect revenue from the sale when the risk and reward of ownership is transferred; this is often when the company delivers the goods or services. If the delivery was on credit, a related asset, such as trade or accounts receivable, is created. Later, when cash changes hands, the company’s financial records simply reflect that cash has been received to settle an account receivable. Similarly, there are situations when a company receives cash in advance and actually delivers the product or service later, perhaps over a period of time. In this case, the company would record a liability for unearned revenue when the cash is initially received, and revenue would be recognized as being earned over time as products and services are delivered. An example would be a subscription payment received for a publication that is to be delivered periodically over time. When to recognize revenue (when to report revenue on the income statement) is a critical issue in accounting. IFRS specify that revenue from the sale of goods is to be recognized (reported on the income statement) when the following conditions are satisfied:11 the entity has transferred to the buyer the significant risks and rewards of ownership of the goods; the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will flow to the entity; and the costs incurred or to be incurred in respect of the transaction can be measured reliably. In simple words, this basically says revenue is recognized when the seller no longer bears risks with respect to the goods (for example, if the goods were destroyed by fire, it would be a loss to the purchaser), the seller cannot tell the purchaser what to do with the goods, the seller knows what it expects to collect and is reasonably certain of collection, and the seller knows how much the goods cost. IFRS note that the transfer of the risks and rewards of ownership normally occurs when goods are delivered to the buyer or when legal title to goods transfers. However, as noted by the above remaining conditions, physical transfer of goods will not always result in the recognition of revenue. For example, if goods are delivered to a retail store to be sold on consignment and title is not transferred, the revenue would not yet be recognized.12 IFRS specify similar criteria for recognizing revenue for the rendering of services.13 When the outcome of a transaction involving the rendering of services can be estimated reliably, revenue associated with the transaction shall be recognized by reference to the stage of completion of the transaction at the balance sheet date. The outcome of a transaction can be estimated reliably when all the following conditions are satisfied: the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will flow to the entity; the stage of completion of the transaction at the balance sheet date can be measured reliably; and the costs incurred for the transaction and the costs to complete the transaction can be measured reliably. IFRS criteria for recognizing interest, royalties, and dividends are that it is probable that the economic benefits associated with the transaction will flow to the entity and the amount of the revenue can be reliably measured. US GAAP14 specify that revenue should be recognized when it is “realized or realizable and earned.” The US Securities and Exchange Commission (SEC),15 motivated in part because of the frequency with which overstating revenue occurs in connection with fraud and/or misstatements, provides guidance on how to apply the accounting principles. This guidance lists four criteria to determine when revenue is realized or realizable and earned: There is evidence of an arrangement between buyer and seller. For instance, this would disallow the practice of recognizing revenue in a period by delivering the product just before the end of an accounting period and then completing a sales contract after the period end. The product has been delivered, or the service has been rendered. For instance, this would preclude revenue recognition when the product has been shipped but the risks and rewards of ownership have not actually passed to the buyer. The price is determined, or determinable. For instance, this would preclude a company from recognizing revenue that is based on some contingency. The seller is reasonably sure of collecting money. For instance, this would preclude a company from recognizing revenue when the customer is unlikely to pay. Companies must disclose their revenue recognition policies in the notes to their financial statements (sometimes referred to as footnotes). Analysts should review these policies carefully to understand how and when a company recognizes revenue, which may differ depending on the types of product sold and services rendered. Exhibit 4 presents a portion of the summary of significant accounting policies note that discusses revenue recognition for DaimlerChrysler (DB-F: DAI) from its 2009 annual report, prepared under IFRS. <span><body><html>







Flashcard 1479786761484

Tags
#cfa-level-1 #reading-25-understanding-income-statement
Question
In simple words revenue is recognized when

The seller knows what it expects to collect and [...],
Answer
is reasonably certain of collection

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espect to the goods (for example, if the goods were destroyed by fire, it would be a loss to the purchaser), The seller cannot tell the purchaser what to do with the goods, The seller knows what it expects to collect and <span>is reasonably certain of collection, The seller knows how much the goods cost<span><body><html>

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3. REVENUE RECOGNITION
lace and measures revenue at the amount of cash received. In practice, however, determining when revenue should be recognized and at what amount is considerably more complex for reasons discussed in the following sections. <span>3.1. General Principles An important aspect concerning revenue recognition is that it can occur independently of cash movements. For example, assume a company sells goods to a buyer on credit, so does not actually receive cash until some later time. A fundamental principle of accrual accounting is that revenue is recognized (reported on the income statement) when it is earned, so the company’s financial records reflect revenue from the sale when the risk and reward of ownership is transferred; this is often when the company delivers the goods or services. If the delivery was on credit, a related asset, such as trade or accounts receivable, is created. Later, when cash changes hands, the company’s financial records simply reflect that cash has been received to settle an account receivable. Similarly, there are situations when a company receives cash in advance and actually delivers the product or service later, perhaps over a period of time. In this case, the company would record a liability for unearned revenue when the cash is initially received, and revenue would be recognized as being earned over time as products and services are delivered. An example would be a subscription payment received for a publication that is to be delivered periodically over time. When to recognize revenue (when to report revenue on the income statement) is a critical issue in accounting. IFRS specify that revenue from the sale of goods is to be recognized (reported on the income statement) when the following conditions are satisfied:11 the entity has transferred to the buyer the significant risks and rewards of ownership of the goods; the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will flow to the entity; and the costs incurred or to be incurred in respect of the transaction can be measured reliably. In simple words, this basically says revenue is recognized when the seller no longer bears risks with respect to the goods (for example, if the goods were destroyed by fire, it would be a loss to the purchaser), the seller cannot tell the purchaser what to do with the goods, the seller knows what it expects to collect and is reasonably certain of collection, and the seller knows how much the goods cost. IFRS note that the transfer of the risks and rewards of ownership normally occurs when goods are delivered to the buyer or when legal title to goods transfers. However, as noted by the above remaining conditions, physical transfer of goods will not always result in the recognition of revenue. For example, if goods are delivered to a retail store to be sold on consignment and title is not transferred, the revenue would not yet be recognized.12 IFRS specify similar criteria for recognizing revenue for the rendering of services.13 When the outcome of a transaction involving the rendering of services can be estimated reliably, revenue associated with the transaction shall be recognized by reference to the stage of completion of the transaction at the balance sheet date. The outcome of a transaction can be estimated reliably when all the following conditions are satisfied: the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will flow to the entity; the stage of completion of the transaction at the balance sheet date can be measured reliably; and the costs incurred for the transaction and the costs to complete the transaction can be measured reliably. IFRS criteria for recognizing interest, royalties, and dividends are that it is probable that the economic benefits associated with the transaction will flow to the entity and the amount of the revenue can be reliably measured. US GAAP14 specify that revenue should be recognized when it is “realized or realizable and earned.” The US Securities and Exchange Commission (SEC),15 motivated in part because of the frequency with which overstating revenue occurs in connection with fraud and/or misstatements, provides guidance on how to apply the accounting principles. This guidance lists four criteria to determine when revenue is realized or realizable and earned: There is evidence of an arrangement between buyer and seller. For instance, this would disallow the practice of recognizing revenue in a period by delivering the product just before the end of an accounting period and then completing a sales contract after the period end. The product has been delivered, or the service has been rendered. For instance, this would preclude revenue recognition when the product has been shipped but the risks and rewards of ownership have not actually passed to the buyer. The price is determined, or determinable. For instance, this would preclude a company from recognizing revenue that is based on some contingency. The seller is reasonably sure of collecting money. For instance, this would preclude a company from recognizing revenue when the customer is unlikely to pay. Companies must disclose their revenue recognition policies in the notes to their financial statements (sometimes referred to as footnotes). Analysts should review these policies carefully to understand how and when a company recognizes revenue, which may differ depending on the types of product sold and services rendered. Exhibit 4 presents a portion of the summary of significant accounting policies note that discusses revenue recognition for DaimlerChrysler (DB-F: DAI) from its 2009 annual report, prepared under IFRS. <span><body><html>







Flashcard 1479804587276

Tags
#cfa-level-1 #reading-25-understanding-income-statement
Question
With real estate sales where there is doubt about the buyer’s ability to complete payments, the installment method and [...] method of revenue recognition are used.
Answer
cost recovery

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Flashcard 1602871495948

Tags
#cfa-level-1 #fra-introduction #income-statement
Question
Diluted EPS wit convertible debt =

(Net income + [...] − Preferred dividends )
________________________________________________________________________________________

(Weighted average number of shares outstanding + Additional common shares that would have been issued at conversion)
Answer
After tax interest on convertible debt

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6.3.2. Diluted EPS When a Company Has Convertible Debt Outstanding
reholders would increase by the after-tax amount of interest expense on the debt converted. Thus, the formula to calculate diluted EPS using the if-converted method for convertible debt is: Equation (3)  <span>Diluted EPS= (Net income + After tax interest on convertible debt − Preferred dividends ) ________________________________________________________________________________________ (Weighted average number of shares outstanding + Additional common shares that would have been issued at conversion) <span><body><html>







Flashcard 1613934497036

Tags
#cfa-level-1 #corporate-finance #understanding-cashflow-statements
Question
Non-cash transactions should be disclosed in a [...] or in the footnotes to the financial statements.
Answer
separate schedule as part of the statement of cash flows

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Subject 1. Classification of Cash Flows and Non-Cash Activities
ies. For example, if a company purchases $200,000 of land by issuing a long-term bond, this transaction is a non-cash one, as it does not involve direct outlays of cash. Therefore, it is excluded from the statement of cash flows. <span>These types of transactions should be disclosed in a separate schedule as part of the statement of cash flows or in the footnotes to the financial statements. Differences between IFRS and U.S. GAAP The above discussions are based on the U.S. GAAP. Under IFRS there is some flexibility in reporting some items of cash f







#language_greek
κούω hear, aor. ήκουςα; έλπίζω hope, impf. ήλπιζον; οικτίρω pity, impf. ωκτΓρον; ώδίνω be in labour,
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#economia #mises
A mo- eda não é mais do que um meio de troca interpessoal. Mas devemos prevenir-nos cautelosamente contra os erros a que esta construção de um mercado de troca direta pode facilmente conduzir
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#economia #mises
preciso que se compreenda que valorar significa preferir a a b. Só existe – do ponto de vista do lógico, epistemológico e praxeoló- gico – uma maneira de preferir
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#economia #mises
Da mesma maneira como não existe padrão de medida para a atração sexual, ou para a amizade e simpatia, ou para o prazer estético, também não existe medida de valor das mercadorias. Se al- guém troca um quilo de manteiga por uma camisa, o que podemos dizer desta transação é que – no instante da transação e nas circuns- tâncias específicas daquele instante – esse alguém prefere uma camisa a um quilo de manteiga
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Flashcard 1713011821836

Tags
#reading-1-code-of-ethics-and-spc
Question
A profession may adopt [...] to enhance and clarify the code of ethics.
Answer
standards of conduct

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