The raw materials account is an inventory account located on the income statement
Indicate whether the statement is true or false
False
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The financial reporting system is also known as the responsibility accounting/reporting system
Indicate whether the statement is true or false
Capital investment analysis ensures that the resources are used wisely
Indicate whether the statement is true or false
Whaler Corporation makes a liquidating distribution of land with a $70,000 adjusted basis and a $100,000 FMV to shareholder Horton, who surrenders his Whaler stock (adjusted basis $60,000) to the corporation. Alice, another shareholder, receives $100,000 cash for her shares ($115,000 adjusted basis). a.What are the tax consequences to Whaler Corporation?b.What are the tax consequences to both Horton and Alice?c.What is Horton's basis in the land?
What will be an ideal response?
Consistency is one of the two important principles of ________ upon which its universal laws are based
A) utilitarianism B) Kantian ethics C) Rawls's social justice theory D) moral relativism