What three types of planning help you protect your wealth?
What will be an ideal response?
Answer: Insurance, retirement, and estate planning.
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Providing investors with more information helps them make buying and selling decisions about securities.
Answer the following statement true (T) or false (F)
Each full-time employee of Hydroponics Greenhouse is entitled to ten paid sick days each year. The sick pay is not vested, but any unused sick days can be carried over to subsequent years. Under FASB ASC Topic 710, Hydroponics Greenhouse should
a. recognize sick pay as an expense when actually paid. b. recognize an estimated current liability for unused sick pay at the end of each period. c. recognize an estimated noncurrent liability for unused sick pay at the end of each period. d. accrue or not accrue sick pay based on historical rates of absenteeism.
Using U.S. GAAP and IFRS requirements for income tax accounting for financial reporting purposes, the accountant computes income tax expense using
a. pretax amounts for financial reporting. b. the amounts on income tax returns. c. the cash outflows for income taxes. d. permanent differences. e. temporary and permanent differences.
On April 1, Year 1, Astor Corp. purchased and placed a plant asset in service. The following information is available regarding the plant asset: Acquisition cost $130,000Estimated salvage value$15,000Estimated useful life 5 yearsMake the necessary adjusting journal entries at December 31, Year 1, and December 31, Year 2 to record depreciation for each year under the straight-line depreciation method.
What will be an ideal response?