Social security benefits are:

A) provided on a current-income basis
B) actuarially reserved
C) welfare assistance
D) not funded by general tax revenues


A

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Which of the following describes the purpose(s) of closing entries?

A. Transfer the balances of temporary accounts to common stock. B. Transfer the balances of temporary accounts to common stock; reduce the balances of the temporary accounts to zero to prepare them for measuring activity in the next period. C. Adjust the balances of asset and liability accounts for unrecorded activity during the period. D. Reduce the balances of the temporary accounts to zero to prepare them for measuring activity in the next period.

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Proper airline travel behavior includes asking permission before reclining your seat when traveling coach

Indicate whether the statement is true or false.

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Property that an owner voluntarily places somewhere and then inadvertently forgets is known as ________ property

A) real B) abandoned C) mislaid D) lost

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Of the sources of external funds for nonfinancial businesses in the United States, stocks account for approximately ________ of the total

A) 10% B) 20% C) 30% D) 40%

Business