What is meant by a historical force?
What will be an ideal response?
Answer: Historical force is an environmental force of unknown origin and mysterious action that provides the energy for events. This force is divided into nine separate but related forces causing distinct chains of events.
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A company discovers that its cost of goods sold is understated by an insignificant amount. It does not need to correct the error because of the materiality concept
Indicate whether the statement is true or false
Which of the following is subject to the generation-skipping transfer tax?
A. Margaret wrote her will in 1985 establishing a generation-skipping trust. Her will was unchanged when she died in November 2017. B. Sam wrote his will in 1960 but amended it in 1985 to add a generation-skipping trust. Sam was mentally incompetent from January 1986 until his death in February 2017. C. Carol wrote a will in May 1986 that established a generation-skipping trust. She made no changes in her will before her June 2017 death. D. Carlisle established in 1983 a generation-skipping trust by gift for the benefit of his descendants. The irrevocable trust was unchanged and no corpus was added prior to his death in 2017.