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35) The amount of the liability for compensated absences should be based on 1. the current rates of pay in effect when employees earn the right to compensated 2. the future rates of pay expected to be paid when employees use compe 3. the present value of the amount expected to be paid in future periods atvences nsated time a) 1 b) 2 c) 3 d) Either 1 or 2 is acceptable 36) An effective capital allocation process a) promotes productivity. b) encourages innovation. c) provides an efficient market for buying and selling securities d) all of these. 37) What is "expectation gap"? The difference between what the public thinks the accountant is doing and what Congress says is doing. the accountant a) The difference between what the acc ountant is doing and what the Courts say the accountant should be doing. b) c) The difference between what the public thinks the accountant is doing and what the accountant thinks they can difference between what the public thinks the accountant is not doing and what the acountant knows they don't do do. 38) Members of the Financial Accounting Standards Board are a) part-time employees b) required to hold a CPA certificate. c) independent of any other organization d) employed by the American Institute of Certified Public Accountants (AICPA)

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