Inadequacy is the replacement of one asset with another more efficient and economical asset.

Which of the following is an advantage of the single-step income statement over the multiple-step income statement?

a. It reports gross profit for the year. b. Expenses are classified by function. c. It matches costs and expenses with related revenues. d. It does not imply that one type of revenue or expense has priority over another.

The fight or flight response is a typical response to:

A) pessimism B) physical pain C) stress D) organizational culture E) office politics