Each type of deduction made from the employees' earnings is recorded in a separate
A. expense account.
B. liability account.
C. revenue account.
D. asset account.
Answer: B
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Which of the following statements about piracy in the movie and television industry is not true?
A. Piracy still remains a threat to the movie and television industry. B. The most common method of piracy uses bit cyberlockers/file hosting sites. C. The monetary amount the movie industry loses as a result of piracy is unknown. D. Public interest in pirated movies in the United States is declining.
Most of the Sarbanes-Oxley Act relates primarily to:
A. Auditing. B. Court-invoked penalties for violating the law. C. Corporate governance. D. Financial accounting. E. All of the answers are correct.
Robert is writing a report about Ty Cobb, a famous baseball player, and needs to gather information. He types "Ty Cobb" into his computer and is given over 30 website addresses that contain information about the baseball player. Robert most likely used a(n)
A. search engine. B. addressable medium. C. wi-fi browser. D. web directory portal. E. central network.
Troy is not a very astute investor. He has a knack for investing in losing stocks. In his latest investment move, he has realized a loss of about $40,000 (original basis of $50,000; current fair market value of $10,000) in High Tech, Inc. The good news is that unlike prior years, he actually has $45,000 of gains that he can use to offset the loss. Troy is considering either selling the High Tech, Inc. stock to his sister, Louise, or on the stock market. Which should he choose and why? Please explain why the IRS may treat the two transactions differently.
What will be an ideal response?