When an acquisition is made and accounted for using the purchase method In-process R&D: A. is capitalized at cost and amortized. B. is capitalized at fair market value and amortized. C. is capitalized at fair market value and never amortized. D. is written-off immediately to retained earnings.

Which statement describes a monopoly? many firms produce identical products with no control over the market price. many firms produce differentiated products with control over market price. a single firm produces a product with no close substitutes and control over the market price. a single firm produces a product with many close substitutes and limited control over the market price.

Jaynet spends $50,000 per year on painting supplies and storage space. she recently received two job offers from a famous marketing firm – one offer was for $95,000 per year, and the other was for $120,000. however, she turned both jobs down to continue a painting career. if jaynet sells 35 paintings per year at a price of $6,000 each: a. what are her accounting profits? b. what are her economic profits?

What is difference between fiscal year and tax year? explain in the simplest way.