<span>If interest rates rise, what will typically happen to bond prices? it would fall</span>
Answer: Prepaid expense, asset
Explanation: Prepayments made for goods and service which are expected to be received in the future are called prepaid expense. Common examples of prepaid expense are rent and insurance which are expected to be payed in advance but won't be consumed or expire over a certain accounting period. They are therefore initially recorded as assets, this enables the benefits derived from such asset to match expense over the incurred period of time.
Answer:
Letter b is correct. <em>A taxpayer who finds a wallet full of money is required to recognize income even though someone may eventually ask for the return of the money.</em>
Explanation:
This question is correct because its principles are related to correct doctrine. This doctrine is recognized by United States tax law on the principle that a taxpayer who receives income, even if he is not entitled to it, must qualify income as received. So in this case, even if a person has found an income that is not his property, he must by law include that property in his gross income.
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