Distinguish between the operating-profit, all-inclusive and comprehensive income approaches to profit measurement.

1.(a) ‘It is clear that the matching concept is no longer pre-eminent in the measurement of

profit.’ Discuss.

(b) What criteria would you use to evaluate possible approaches to periodic profit

measurement? Explain. (LO1)

2. Distinguish between the operating-profit, all-inclusive and comprehensive income

approaches to profit measurement. (LO1)

3 What are the arguments for and against the all-inclusive approach to profit measurement?

4 Outline arguments against an operating-profit approach to periodic profit measurement.

5 What approach to profit measurement has the International Accounting Standards Board

adopted? Why? Explain why you agree or disagree with their choice. (LO2)

Copy the two multiplication problems listed below on separate pieces of paper.

The Anchoring and Adjustment Heuristic Copy the two multiplication problems listed below on separate pieces of paper. Show Problem A to at least five friends, and show Problem B to….

What is the total area of Canada (in either square kilometers or square miles)?

Estimating Confidence Intervals For each of the following questions, answer in terms of a range, rather than a single number. Specifically, you should supply a 98% confidence interval. A confidence….

Would you pay \$20 for another ticket for the concert?

The Framing Effect and Background Information Try the following two problems: Problem 1 Imagine that you decided to see a concert, and you paid \$20 for the admission price of….