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)
North Korea and South Korea both received help from other nations during the Korean War. China supported North Korea; the United States supported South Korea are the countries intervened.
Answer: Option B
<u>Explanation:</u>
The Korean is the war fought between North Korea and the South Korea. It led to the split of Korea, eventually forming North and South Korea. This war was aided by some countries taking sides and supporting both of the parties.
North Korea was backed by People’s Republic of China and the South Korea was backed by United Nations, which was also supported by United States of America. The war led to an end in 1953 which lead to the split of two nations.
Answer:
Explanation:
Wait do u go to jhs 194 cause I recognize ur name lol and I also got this question on my social studies post assessmen.
Answer:
History Behind the Wilderness Road. The earliest origins of the Wilderness Road were the traces, or trails, created by the great herds of buffalo that once roamed the region.
Explanation:
Daniel Boone & the Transylvania Company. ...
Blazing a Historic Trail. ...
Westward Movement. ...
Answer: authoritative parent
Explanation:Mazie's mom set reasonable demand since she is loving and caring which means she expect the best from her child and as a loving parent she probably trust her child since she also allows verbal give and take.
She involves her child in decision making and allow her to express her own views.
