What is the main difference between the US Generally Accepted Accounting Principles (US GAAP) and the International Financial Reporting Standards (IFRS)?

• A.US GAAP follows a principles-based approach.
• B.IFRS provides fewer accounting choices to companies compared to US GAAP.
• C.IFRS is based on a rules-based approach.
• D.IFRS is used globally and follows a principles-based approach.

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A technology and design company has created a new type of keyboard with different letter placement to make typing easier and more efficient. This new design is also cheaper to manufacture, and the company is able to price the keyboard lower than its competitors. However, sales have been extremely low. What is the MOST likely explanation?

• A.Consumers' demand for keyboards is relatively inelastic.
• B.Consumers do not understand the company's differentiation strategy.
• C.Consumers find it difficult to switch keyboards once they have learned to type.
• D.Consumers have strong loyalty to existing keyboard manufacturers.

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An individual has relocated to a new city for a job and is looking for an apartment. Apartments in this city tend to be low in price but are often in disrepair and lack extra amenities. For each new apartment that comes on the market, there are dozens of people who wish to rent it. What could explain these conditions?

• A.Landlords are maximizing profits.
• B.The city has become popular and more people are moving there.
• C.The city is experiencing an economic recession.
• D.There is a price ceiling on apartment rental prices.

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A professor asks a class of 100 students to spend the weekend sampling the heights of adults. After each student samples 30 adults, the student is then asked to calculate the mean of his or her sample. As the professor collects the individual sample results from each student, which of the options below is the MOST likely to be observed?

• A.As more samples are collected, the sample means may vary but the average of the sample means will converge to the true population mean.
• B.As more samples are collected, the average of the sample means increases but will not converge to the true population mean.
• C.As more samples are collected, the sample means will converge to the true population mean.
• D.As more samples are collected, the average of the sample means decreases but will not converge to the true population mean.

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The table below shows sales data from The Geller Company for the month of January. The company's manager is interested in calculating the average number of units each salesperson sold on their respective sales trips during the month. In total, the five salespeople took at total of 31 sales trips at various times during the month of January.

Which formula below would the manager use to correctly calculate the average number of units Anne sold on her sales trips?

• A.=AVERAGEIF(A2:A32,E2,C2:C32)
• B.=AVERAGE(B2:B32,E2,C2:C32)
• C.=AVERAGEIF(A2:A32,E2,B2:B32)
• D.=AVERAGEIF(B2:B32,E2,C2:C32)

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