12) In a "market for managers":

Select one:

a. Information about a manager's past performance is assumed to be irrelevant to the negotiation of future salaries.

b. Information about a manager's past performance is assumed to be self-serving and unreliable.

c. Information about a manager's past performance is assumed to be known by participants in the market.

d. Information about a manager's past performance is assumed to be private and confidential.

13) If a firm's financial statements contain information that is based on verifiable evidence, and not personal opinions, they are said to be:

Select one:

a. Neutral

b. Objective

c. True

d. Fair

15) The "market for lemons" perspective is:

Select one:

a. A pro-regulation perspective

b. A Contingency theory

16) If the accounting standards permit the use of more than one basis for the measurement of assets, this is known as:

Select one:

a. A mixed measurement model

b. A financial market

c. A multi-measurement model

d. An active market

c. A version of Legitimacy theory

d. A free market perspective