The rate of return k is also referred to as the present value of capital
Indicate whether the statement is true or false.
Answer: FALSE
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Answer the following statements true (T) or false (F)
1. Upon liquidation, if there is a sale of assets at a loss, the loss must be allocated to the partners'; capital accounts based on their profit-and-loss-sharing ratio. 2. Capital deficiency occurs when a partner's capital account has a credit balance. 3. Capital deficiency refers to a partnership's claim against a partner. 4. Before the start of the liquidation process, the books are adjusted and closed.
Match each term with the correct statement below.
A. Based on the value of the property being taxed B. Subtractions from gross income specifically allowed by the tax law C. Based on a quantity of a product sold D. Increases in a taxpayer’s wealth and recoveries of a taxpayer’s capital investment that Congress has decided should not be subject to income tax E. Current period expenditure incurred in order to earn income F. The excess of the selling price of an asset over its tax basis G. The excess of an asset’s tax basis over its selling price H. The common and recurring type of income earned by taxpayers for a year I. The payment of tax throughout the year close to the time income is earned as is reasonable. J. Any type of property that is not real property K. Land and any structures permanently attached to it L. A taxpayer is responsible for determining his or her tax liability and paying the tax due timely. M. Used by persons who do not itemize deductions on their return N. The period of time during which a taxpayer and/or the IRS can correct the taxpayer’s taxable income O. The value or amount that is subject to taxation P. Direct reduction in the income tax liability often created by Congress to further a public purpose
Intentional misrepresentation is considered fraud.
Answer the following statement true (T) or false (F)
Read the t statistic from the t distribution table and choose the correct answer. For a one-tailed test (upper tail) with a sample size of 16 and at the .10 level, t =
A. 1.341. B. -1.341. C. -1.753. D. 1.753.