What does "distortion by omission" mean?
It occurs when a writer uses quotations out of context, omits certain relevant background information, or includes only the most extreme or most interesting data. Such omissions are unethical because they leave an inaccurate impression.
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Common allocation bases are
A. direct labor dollars, direct labor hours, and direct material dollars B. direct labor dollars, direct labor hours, and machine hours C. direct labor dollars, direct labor hours, and machine dollars D. machine dollars, direct labor dollars, and direct labor hours
The actual yield, or return, earned by an investment is called the ________
a. internal rate of return b. payback rate of return c. marginal rate of return d. yield turnover
According to the ________, acquired assets should be recorded at the amount actually paid rather than at the estimated market value
A) going concern assumption B) economic entity concept C) cost principle D) monetary unit assumption
Once a corporation has elected a taxable year, it can change the taxable year without IRS permission if
A) the resulting short period has a net operating loss of $100,000 that the corporation wants to carry forward. B) the corporation changed its taxable year seven years ago. C) the corporation is not an S corporation. D) a corporation can change its taxable year without IRS permission in all of the above situations.