Identify which basic assumption of accounting is best described in each item below. (a) the economic activities of fedex corporation are divided into 12-month periods for the purpose of issuing annual reports. select an assumption (b) solectron corporation, inc. does not adjust amounts in its financial statements for the effects of inflation. select an assumption (c) walgreen co. reports current and noncurrent classifications in its balance sheet. select an assumption (d) the economic activities of general electric and its subsidiaries are merged for accounting and reporting purposes.

In which of the following games is it clearly the case that the cooperative outcome of the game is good for the two players and bad for society? a. two oil companies own adjacent oil fields over a common pool of oil, and each company decides whether to drill one well or two wells.b. two airlines dominate air travel between city a and city b, and each airline decides whether to charge a "high" airfare or a "low" airfare on flights between those two cities.c. two superpowers decide whether to build new weapons or to disarm.d. in all of the above cases, the cooperative outcome of the game is good for the two players and bad for society