Choose the incorrect statement. a. the choice to file on a fiscal year-end basis must be made with an initial tax return. b. almost all individuals file tax returns using a calendar year accounting period. c. books and records may be kept on a different year-end basis than the year-end used for tax purposes. d. an individual may request irs approval to change to a fiscal year-end basis if certain conditions are met.

Which of the following best describes the economic effect that results when the government increases interest rates and restricts the lending of money? a. borrowing money becomes more expensive and there is less investment in production. b. the economy grows as investments result in larger profits. c. government spending drives up prices because of greater competition for goods and services. d. consumers save more money and spend less buying goods and services.

Acompany using the perpetual inventory system purchased inventory worth $540,000 on account with credit terms of 2/15, n/45. defective inventory of $40,000 was returned 2 days later, and the accounts were appropriately adjusted. if the company paid the invoice 20 days later, the journal entry to record the payment would be

Financial information that is capable of making a difference in a decision is