Which of the following accounts is associated with the current financial resources measurement focus but not with the economic resources measurement focus?

Which of the following statements regarding the resource-based view is accurate?

A) Competitively valuable resources and capabilities are controlled only by a firm's general managers. B) Only lower level employees need to accept the responsibility of creating, nurturing and exploiting resources and capabilities that can generate competitive advantages for a firm. C) Employees should define their jobs in functional terms instead of in competitive and economic terms. D) Competitive advantage is too important to remain the sole property of senior management.

Most practitioners allocate the preliminary judgment about materiality to both the balance sheet and income statement accounts

Indicate whether the statement is true or false