The Occurrence That Most Likely Would Have No Effect on 2015

question 60

Multiple Choice

The occurrence that most likely would have no effect on 2015 net income is the

• A)sale in 2015 of an office building contributed by a stockholder in 1966.
• B)collection in 2015 of a dividend from an investment.
• C)correction of an error in the financial statements of a prior period discovered subsequent to their issuance.
• D)stock purchased in 2001 deemed worthless in 2015.

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Definitions:

Quantity Demanded

Refers to the total amount of a good or service that consumers are willing and able to purchase at a given price level in a specified period.

Rollerblade Market

The economic sector focused on the production, distribution, and sale of inline skates.

Government Controlled

Refers to economic sectors, industries, or companies that are owned or regulated by the government.

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity of the good supplied by producers.