1. what is not a primary function of financial accounting in society? provide comedy material for late-night talk shows. aid in the proper allocation of financial resources in a free enterprise economic system. aid users to make better investing decisions. 2. ifrs refers to: a random set of letters. a set of standards and procedures that form guidelines for international financial accounting. a set of standards and procedures that form guidelines for international managerial accounting. 3. gaap: is the distance between two objects. is a set of guidelines for preparing managerial reports in the united states. is a set of guidelines for preparing financial reports in the united states.

The interaction of individual choices because a type of fish is on the verge of extinction, the government imposes rules that prohibit fishing in the publicly owned spawning grounds. at first owners of fshing bouts complain about this restriction on where they can fish, but soon they notice that the number of adult fish swimming outside the protected area is much higher than it was before. with the restriction, each fishing boat ends up catching more fish than it did before the r which of the following principles of economic interaction best describes this scenario? o there is a tradeoff between equality and efficiency o markets usually lead to efficiency. o when markets do not achieve efficiency, government intervention can improve overall welfare o markets allocate goodseffectively