Which of the following statements about vertical equity is false?
A. If persons with greater ability to pay owe more tax than persons with lesser ability to pay, the tax is vertically equitable.
B. Vertical equity focuses on a fair rate structure instead of a fair measurement of the tax base.
C. A tax with a single percentage rate is not vertically equitable.
D. None of the above is false.
Answer: C
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If in the current year a purchase was not recorded but the purchased item was included in ending physical inventory, which one of the following situations occurs for the current year?
A) Working capital is understated, and net income is overstated. B) Working capital and net income are understated. C) Working capital is overstated, and net income is understated. D) Working capital and net income are overstated.
Stockholders' equity can be expanded into the following three accounts: Accumulated other comprehensive income, retained earnings and _________________________________________________________________
Fill in the blank(s) with correct word
A company newsletter is an example of ________
A) media relations B) sponsorship C) corporate identity D) internal PR E) publicity
When one constant is used to smooth the forecast average and a second constant is used to smooth the trend, the forecasting method is ________
Fill in the blanks with correct word