Which of the following correctly describes the tax rates used under U.S. GAAP and IFRS for deferred taxes?
A. GAAP uses enacted tax rates while IFRS uses enacted or substantively enacted tax rates.
B. Both GAAP and IFRS use only enacted tax rates.
C. Both GAAP and IFRS use substantively enacted tax rates.
D. GAAP uses enacted or substantively enacted rates while IFRS uses only enacted tax rates.
Answer: A
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I. Individuals with poor credit histories, as a group, generally file fewer homeowners claims than do individuals with good credit histories. II. A poor credit history can be improved over time, allowing for the purchase of homeowners insurance at a lower premium. A) I only B) II only C) both I and II D) neither I nor II
Which of the following is a pattern of scheduling where the same commercial is run every half hour on the same network during prime time.
A. bursting B. roadblocking C. blinking D. flighting E. pulsing
The decisions to implement pay for performance, flat rate pay, and profit sharing are examples of ________ policy decisions.
A. internal alignment B. employee contribution C. efficiency D. management
Rachel, a self-employed business consultant, has significant expenses for travel business meals with clients in her work, but she has not kept receipts. She will be able to deduct a reasonable amount of these ordinary and necessary expenses under the Cohan rule.
Answer the following statement true (T) or false (F)