There must be privity between the parties in a case of fraud

Which of the following statements regarding annuities is NOT true?

A) If a beneficiary has not been named, the death benefit is paid to the owner's estate. B) A 10% penalty on taxable earnings is levied if withdrawals are taken prior to age 70½. C) Annuities may be used to liquidate an estate. D) The annuitant receives the checks in the annuitization period.

Which of the following approaches to income measurement underlies financial accounting and reporting?

a. Physical capital maintenance approach b. Economic approach c. Valuation approach d. Transaction approach