Which of These Is Correct Regarding Marriage and Divorce Rates

question 3

Multiple Choice

Which of these is correct regarding marriage and divorce rates in the U.S.?

• A) Marriage and divorce rates are both down
• B) Marriage rates are up; divorce rates are down
• C) Marriage rates are down; divorce rates are up
• D) Marriage and divorce rates are both up

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Definitions:

Retrospective Approach

A method of applying certain changes in accounting policies to past periods as if the new policy had always been in place.

LIFO

Last In, First Out, an inventory valuation method where the most recently acquired items are assumed to be sold first, affecting cost of goods sold and inventory value on the balance sheet.

Basic Accounting Equation

The fundamental equation representing the relationship between assets, liabilities, and owner's equity (Assets = Liabilities + Owner's Equity).

Owners' Equity

Represents the residual interest in the assets of a company after deducting liabilities, essentially the owner's claim against the company's assets.