When carrying out your budget, when should you pay yourself?
a. first
b. at the end of the month
c. after expenses have been paid
d. before deductions are taken out of gross income
a
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Answer the following statements true (T) or false (F)
1. Horizontal analysis is computed by dividing a specific statement line item by its base amount and then multiplying by 100. 2. Horizontal analysis compares each item in the income statement to the net sales amount. 3. The horizontal analysis of the balance sheet shows the changes in net sales and net income. 4. The horizontal analysis of the balance sheet is based on the comparative balance sheet. 5. Trend analysis is a form of horizontal analysis.
The transaction approach to determining income is a concept in which
a. income is measured as the amount that an entity could consume during a period and be as well off at the end of that period as it was at the beginning. b. the financial statement effects of business events are classified as revenues, gains, expenses, and losses, which are used to measure and define income. c. market values adjusted for the effects of inflation or deflation are used to calculate income. d. income equals the change in market value of the firm's outstanding common stock for the period.
Which of the following statements about the individual capital gains and losses is false?
A. Nondeductible capital losses are carried forward for deduction against future capital gains. B. Short-term capital gains are taxed as ordinary income. C. Capital losses are deductible only against capital gains. D. Gain on sale of Section 1231 depreciable real property is taxed at a 25% maximum rate.
Besides having personal jurisdiction over a case, the court must also have:
a. subject-matter jurisdiction b. plaintiff jurisdiction c. personal service jurisdiction d. substituted service jurisdiction e. all of the other choices are correct