Economic income measures change in value while permanent income is proportional to value itself. Explain this statement.
Answer to relevant QuestionsAccounting income has elements of both permanent income and economic income. Explain this statement.Fair values are market-based measurements not entity-specific measurements. Explain with an example.What are popular earnings management strategies? Explain.Explain how earnings management affects earnings quality. How is earnings management distinguished from fraudulent reporting?Define income. Distinguish income from cash flow.
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