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The income statement (for the overall firm) must comply with generally accepted accounting standards; however, when evaluating individual business units, the treatment of revenue and expenses will differ across units. Despite these differences, three points need to be kept in mind in order to maintain consistency with compensation in regard to performance measurement. Which of the following statements is not one of those points? A. All costs are included in determining net income/loss. B. Valuations must be evaluated on the basis of their quality and independence. C. Current-year profit should not be recognized for expected future-year revenue. D. It is necessary to delegate financial and risk control tasks to the board of directors. |