Fair value of an asset is the amount at which the asset could be bought in a current transaction between willing parties

The International Accounting Standards Board’s (IASB) definition of retained earnings is “the residual interest in the assets of the entity after deducting all its liabilities."

Indicate whether the statement is true or false.

Which of the following statements about challenges in operations management is FALSE?

A) Job specialization is giving way to empowered employees. B) Local or national focus is giving way to global focus. C) Sustainable production is giving way to a low-cost focus. D) Rapid product development is partly the result of shorter product cycles. E) The goal of mass customization is to produce customized products, whenever and wherever needed.