What are the two basic economic concepts of income? What implications do they have for analysis?
Answer to relevant QuestionsEconomic income measures change in value while permanent income is proportional to value itself. Explain this statement.Provide a formal definition for fair value. What are the key elements of this definition?Why do managers sometimes manage earnings?What is the effect of external factors on earnings quality?Distinguish between short-term and long-term accruals.
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