If actual output is denoted y and potential output is denoted y*, the output gap is
A. [(y?y*)/ y*] × 100.
B. [(y?y*)/ y] × 100.
C. [(y*?y)/ y*] × 100.
D. [(y*?y)/ y] × 100.
Answer: A
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In 2010, Blanton Company bought equipment with a cost of $160,000, an estimated residual value of $40,000, and an estimated life of 15 years. It was depreciated by the straight-line method for 4 years. Due to obsolescence, it was determined at the beginning of 2014 that the useful life should be shortened by 3 years and the residual value changed to zero. The depreciation expense for 2014 is
a. $11,636 b. $16,00 c. $11,00 d. $8,000
Which of the following is legally a separate entity from its owner(s)?
A) Sole proprietorship only B) Sole proprietorship and partnership only C) Corporation only D) Partnership only
Answer the following statements true (T) or false (F)
The Norwalk Agreement stated the IASB’s and FASB’s common goal of developing accounting standards usable for both domestic and cross-border financial reporting.
As per your request, enclosed please find, and thank you in advance are all examples of ________
A) long lead-ins B) redundancies C) trite business phrases D) professional business phrases