Which of the following is not part of the conceptual framework?
a. Conservatism
b. Economic consequences
c. Consistency
d. None of the above are in the conceptual framework
ANSWER: B
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Asset turnover ratio measures how effectively a company uses assets to generate sales
a. True b. False Indicate whether the statement is true or false
An investor earns $400 in dividends and $800 in capital gains over a year. If the tax rate on these earnings is 15%, what is the total tax that the investor is liable to pay on these earnings?
A. $0. B. $60. C. $120. D. $180.
______ is the process of gathering information from within and outside of the organization to forecast demand for a product.
a. Collaborative forecasting b. Causal forecasting c. Collaborative planning d. Causal planning
Which of the following statements regarding the home office deduction is true?
A. A home office deduction is not allowed for using the home office for administrative or management activities only. B. The home office deduction is limited to the taxable income of the business before the deduction. C. A depreciation deduction is not allowed for a home office. D. In order to qualify for the deduction, a portion of the taxpayer's home must be used regularly and exclusively to meet with clients or customers.