The U.S. federal corporate income tax would be an efficient tax in the economic sense if it included
a. accounting profit in taxable income.
b. a deduction for the opportunity cost of capital.
c. a deduction for economic profit.
d. a deduction for the difference in marginal revenue and average cost.
b. a deduction for the opportunity cost of capital.
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Which of the following is not correct regarding IAS 39, International Accounting Standard 39, "Financial Instruments: Recognition and Measurement," and SFAS No. 140, Statement of Financial Accounting Standards No. 140, "Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities: A Replacement of FASB Statement No. 125"?
a. IAS 39 represents a principles-based approach to standard setting. b. SFAS No. 140 represents a principles-based approach to standard setting. c. SFAS No. 140 represents a rule-based approach to standard setting. d. In the large majority of cases, application of the two standards will result in the same accounting treatment for a receivable transfer.
Both the initial cost of the asset and the accumulated depreciation will be taken off the books with the disposal of the asset
Indicate whether the statement is true or false
What is the journal entry used to record direct materials requisitioned of $16,250?
a. debit Materials $16,250; credit Work in Process $16,250 b. debit Wages Payable $16,250; credit Work in Process $16,250 c. debit Work in Process $16,250; credit Wages Payable $16,250 d. debit Work in Process $16,250; credit Materials $16,250
The recommended typeface for body text is:
a. Sans serif b. 28-point type c. italic d. all of the above