-(Exhibit: Correcting for Market Failure: External Cost) Assume that there is an external cost involved, as illustrated in the exhibit. If the government intervenes to correct for the external cost, the new _______ will now reflect _______ and _______ cost.
Definitions:
Income Recognition
The accounting principle that determines the specific conditions under which income becomes taxable.
Receipt
A receipt is a document acknowledging that a person has received money or property in payment following a sale or other transfer of goods or provision of a service.
Form 1099-INT
A tax form used to report interest income earned from banks, savings accounts, or other financial institutions during the tax year.
Interest Income
Income earned from deposit accounts such as savings accounts, CDs, or from loans and bonds issued by the taxpayer.
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