The use of internal controls provides a guarantee against losses due to operating activities.
Answer the following statement true (T) or false (F)
False
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When an injured party is allowed to sue all manufacturers of a defective product, so that all these manufacturers might be liable together, this is sometimes called:
a. absolute liability b. strict liability c. limited liability d. industry liability e. none of the other choices
Which of the following statements concerning the standard of fairness is false?
A. The public perception that the federal income tax is unfair has decreased in recent decades. B. People believe that the federal income tax is unfair because it contains preferences available only to wealthy individuals. C. People who believe that a tax is unfair are more likely to evade the tax. D. None of the choices are false.
Joan bought a business machine for $15,000. In a later year, she sold the machine for $12,800 when the total allowable depreciation is $8,500. The depreciation actually taken on the tax returns totaled $8,000. Joan must recognize a gain (or loss) of
A) no gain or loss. B) ($3,200). C) $6,800. D) $6,300.
There are more companies listed on NASDAQ than are listed on the New York Stock Exchange
Indicate whether this statement is true or false.