The uniqueness and magnitude of the customer value created by a firm's strategy are ultimately determined by the firm's management

Purchase returns are _____ in both the cost and retail columns.

Fill in the blank(s) with the appropriate word(s).

The manager of Golden Ray Corporation receives a bonus if company profits exceed $1,000,000 this year

During the final week of the year, the manager changes an accounting policy that will increase reported profits from $950,000 to $1,025,000, triggering his bonus. The change in profits of $75,000 will reverse itself in the next year, and the accounting change has no impact on Golden Ray's cash flow. Discuss the above situation as it relates to both an agency problem and efficient markets.