One should keep in mind that when it comes to tax advantages, ________ is/are better than ________
A) ordinary income; capital gains
B) capital gains; ordinary income
C) tax shelters; capital gains
D) marginal rates; ordinary income
Answer: B
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In a business combination, companies record identifiable intangible assets that they can reliably measure. All other intangible assets, too difficult to identify or measure, are recorded as:
a. other assets. b. indirect costs. c. goodwill. d. direct costs.
The documentation skills that accountants require vary with their job function. However, they should at lease be able to do which of the following?
a. read documentation to determine how the system works b. critique and correct documentation that others prepare c. prepare documentation for a newly developed information system d. teach others how to prepare documentation