Assume Congress wishes to encourage healthy eating and is considering a deduction for broccoli purchases. In order to maximize the value of this tax deduction for taxpayers, Congress should provide for a(n)
A. deduction for AGI.
B. itemized deduction.
C. deduction from AGI.
D. All of the above would provide the same tax savings to taxpayers
Answer: A
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Under the accrual basis of accounting, expenses are incurred in one period but not entered until the following period
Indicate whether the statement is true or false
Even though much of the wealth of the industrialized nations relies on the resources and markets in the developing world, that is not a reason to believe that taking steps to relieve poverty in these countries is an ethical duty of the citizens and business of the industrialized world rather than a simple act of charity.
Answer the following statement true (T) or false (F)
Pierce Company's break-even point is 12,000 units. Its product sells for $25 and has a $10 variable cost per unit. What is the company's total fixed cost amount?
A. $180,000 B. Fixed costs cannot be computed with the information provided. C. $250,000 D. $120,000
Which of the following statements is true about an agency by ratification?
A) A principal must have full knowledge of an agent's actions for the agency to be effective. B) It occurs when a third person is led to believe by a principal that a certain individual is the principal's agent. C) It occurs when a principal draws up a legal document to establish an agency relationship before an agent undertakes any action. D) A third party must be unaware of the existence of a principal at the time of an agent's act for the agency to be effective.