Full question:
Indicate whether the following statements are "True" or "False" regarding the concept of gross income.
a. While the Constitution grants Congress the power to tax income, it does not define the term.
b. The Supreme Court has held that there is no income subject to tax until the taxpayer has recovered the capital invested.
c. Economists measure income (economic income) by first determining the fair market value of the individual's net assets (assets minus liabilities) at the beginning and end of the year (change in net worth).
d. Accounting and tax rules regarding income are the same.
e. The accounting concept of income is founded on the realization principle.
f. Gross income is not limited to cash received.
Answers:
a. True
b. True
c. True
d. False
e. True
f. True
Explanation:
1.The constitution of the United States allows for power to tax income however it doesn't define tax.
2.income is not subject to tax until there is profit from capital invested as ruled by the Supreme Court of the United States
3. Measurement of income in Economics involves applying the concept of fair value to measure income at the beginning and end if the year and notice any changes that may have occurred
4. Accounting and tax rules regarding income are not the same. Accounting however complies with tax rules for accounting purposes.
5.the realization principle involves income earned or losses incurred(not necessarily received in cash or given out)
6.Gross income encompasses all(recognizable) earned income for the period(cash or not)
Answer:
Correct answer is All of the above
.
Explanation:
Philosophy should represent our beliefs, goals and attitudes in life. Through philosophy we should be able to develop empathy and tolerance towards other people, who are sometimes even different that we are. That is why it should deliberate us from prejudices, but also spread our knowledge, horizon and even protect us from bad influences.
They all represent stories past down through generations
Answer:
C
Explanation:
Hammurabi`s code is about discipline and punishments that people face but also that you have to be responsible for your own actions.
Back then <span>Europeans prohibit trading between the different American colonies because the practice Mercantilism, which means that they wanted to keep all their wealth to themselves.
When Trades between two entity happens, both wealth of the trading partners will increase due to the profit that they generate through the trades. The Europeans do not want this to happen because they wanted to keep America powerless and under their control.</span>
