The Tax Reform Act of 1986 improved
a. vertical equity for families of different sizes within filing status groups.
b. horizontal equity for families of different sizes within filing status groups.
c. horizontal equity by taxing all fringe benefits.
d. vertical equity by increasing the top marginal rates.
b. horizontal equity for families of different sizes within filing status groups.
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Bonds secured by a mortgage on corporate property are called
a. mortgage bonds. b. property bonds. c. investment bonds. d. adjustment bonds.
When using special journals, the sale of merchandise for cash would be recorded in the sales journal
Indicate whether the statement is true or false
Contingent assets may be disclosed in the notes if probable and reasonably estimable
a. True b. False Indicate whether the statement is true or false
When the board of directors decides to issue bonds, it is necessary to make an entry to record the SEC's authorization of the bond issue
Indicate whether the statement is true or false