Listed below are several statements that relate to financial accounting and reporting. Identify the accounting concept that applies to each statement. 1. SiriusXM Radio Inc. files its annual and quarterly financial statements with the SEC. 2. The president of Applebee's International, Inc., travels on the corporate jet for business purposes only and does not use the jet for personal use. 3. Jackson Manufacturing does not recognize revenue for unshipped merchandise even though the merchandise has been manufactured according to customer specifications. 4. Lady Jane Cosmetics depreciates the cost of equipment over their useful lives. 1. 2. Expense recognition 3. Revenue recognition 4. The economic entity assumption The going concern assumption The monetary unit assumption The periodicity assumption

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Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.