Which of the following statements best describes a subsequent event?
a. A subsequent event affects only subsequent reporting periods.
b. A subsequent event is, in some cases, reflected in the statements of the preceding period.
c. A subsequent event may occur any time after financial statements are issued.
d. A subsequent event is not covered by the independent auditor's report.
B
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One can continue to earn CCA tax shields from an asset sold from an existing pool if:
A) the present value of the tax shields is negative. B) salvage is positive. C) the tax bracket is greater than 50 percent. D) UCC is positive and greater than salvage.
Travis, age 24, serves as a reverse mentor to his boss Clarissa, age 56, when he
A) invites her to his backyard barbeque with his family and friends. B) coaches her on the latest technology in their field. C) asks for her to help him improve his financial situation. D) suggests that she transfer to a different division of the company.