The term owner's equity is preferred over the term net worth because most assets are carried at original cost rather than at current value

Which of the following statements regarding ethical behavior is not correct?

a. Accounting is a professional service that plays a major role in society. b. The professional accountant must realize that he or she serves the greater good of society. c. The professional accountant who acts ethically will destroy social welfare and can do great harm to innocent stakeholders misled by unreliable information. d. The professional accountant must realize that he or she owes a responsibility of ethics and fairness to all current and potential stakeholders depending on the information produced.

Which of the following could an analyst use to establish the rate of return on a direct participation program?

I. Present value. II. Internal rate of return. III. Yield to maturity. IV. First in, first out. A) II and III. B) III and IV. C) I and II. D) I and IV.