Transfer prices are intracompany charges for goods and services bought and sold between segments of a decentralized company

Which of the following has resulted in a dramatic shortening of product life cycles?

A. Acceleration of the pace of technological change B. Lack of domestic competition C. Affluence of customers D. An increase in the number of educated consumers E. Removal of trade barriers

Which of the following statement is incorrect regarding how balance sheets are prepared?

A) The left-hand side of a balance sheet shows a firm's assets. B) The assets on a balance sheet are shown in order of liquidity. C) Assets are recorded at fair market value rather than cost. D) The right-hand side of a balance sheet shows a firm's liabilities and its owners' equity. E) Intellectual property receives value in some cases and in some cases it does not.