Taxes:
a. are voluntary payments to governments.
b. are unlikely to affect market supply and demand.
c. never affect efficiency in the allocation of resources.
d. are compulsory payments associated with certain activities.
d. are compulsory payments associated with certain activities.
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Civil claims begin when one party files a complaint against another, usually for the purpose of:
a. having a penalty imposed. b. sending the perpetrator to prison. c. proving the perpetrator guilty. d. being awarded financial restitution.
Which of the following is required by the dual approach for assessing uncorrected misstatements?
a. The application of the rollover method. b. The application of the iron curtain method. c. Simultaneous application of both the rollover and iron curtain methods. d. Sequential application of both the rollover and iron curtain methods.
Indicate whether each of the following statements is true or false.________ a) The extension of a warranty on goods sold normally represents a legal obligation to the seller of the goods.________ b) The entry to recognize the warranty obligation increases the Warranties Payable account and decreases a revenue account.________ c) The entry to record the payment of cash to settle a warranty claim increases expenses (Warranties Expense) and decreases liabilities (Warranties Payable).________ d) Net income is not affected by the entry to record the payment of cash to settle a warranty claim.________ e) Total assets are not affected by the adjusting entry to record the warranty obligation.
What will be an ideal response?
From a behavioral perspective, the anomaly known as post-earnings announcement drift or momentum is best explained by
A) self attribution bias. B) loss aversion. C) representativeness. D) familiarity bias.