1.Emily Bradly is part of a team at work that has been charged with the responsibility of researching

differences between IFRS and U.S. GAAP. The team reaches a consensus on a given topic that Emily does not

agree with. Not wanting to enter into a conflict, Emily agrees with the group. What type of bias is

represented in the in the above scenario?

A) availability bias

B) overconfidence bias

C) confirmatory bias

D) groupthink bias

2.Yellow Pencil Company pays Helen, a staff accountant, a $10,000 a month salary. How should the salary

be recognized as an expense?

A) matched with revenue earned by the Yellow Pencil Company

B) systematically allocated with the use of the pencil making machinery of the Yellow Pencil Company

factory

C) upon the sale of pencils and in proportion to those sales

D) recorded as a measure of the effort expended by the staff accountant in the periods in which she works

3.Under U.S. GAAP, revenues are considered ________ when the seller has accomplished what it must do to

be entitled to the revenues.

A) recognized

B) earned

C) realized

D) entitled

4.

he ________ cost is the amount of cash (or equivalent) that a firm paid to acquire an asset, whereas

________ is the amount the firm would pay if the asset were purchased today.

A) historical; current cost

B) present value; current market value

C) historical; current market value

D) realized; present value

I need a correct answer with explanation pleasethx