The broadest income concept:
I.considers all income received (e.g., cash, property, services, etc.) to be taxable.II.implies that anything of value received may be taxable.III.is referred to as the legislative grace concept.IV.implies that all increases in wealth may be taxable.?
A. Only statement II is correct.
B. Statements I, II, and III are correct.
C. Statements I, II, and IV are correct.
D. Statements I and IV are correct.
E. All statements are correct.
Answer: C
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The usage variance is the difference between the actual and standard quantity of inputs
A) multiplied by the actual unit price of the input. B) budgeted multiplied by the standard unit price of the input. C) multiplied by the standard unit price of the input. D) purchased multiplied by the actual unit price of the input. E) none of these.
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