Which of the Following Is Not Considered a Secondary Authority

question 4

Multiple Choice

Which of the following is not considered a secondary authority?

• A)Textbook
• B)Private letter ruling
• C)Tax article
• D)Tax service
• E)None of the choices are correct.

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Definitions:

Year-end Information

Data or records summarizing the financial activities and status of an organization at the end of a fiscal year.

Acid-test Ratio

A financial metric that assesses a company's ability to pay its current liabilities with its most liquid assets.

Liquidity Problems

Financial difficulties arising from an entity's inability to quickly convert assets into cash without significant loss, impacting its capacity to meet short-term obligations.

Acid-test Ratio

A stringent indicator that determines whether a firm has enough short-term assets to cover its immediate liabilities without selling inventory.