An Automatic Veto That Occurs When Congress Goes Out of Session

question 39

Multiple Choice

An automatic veto that occurs when Congress goes out of session within ten days of submitting a bill to the president and then the president has not signed it, is known as a(n)

• A) veto.
• B) omnibus bill.
• C) pocket veto.
• D) override.
• E) entitlement.

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Definitions:

Deferred Tax Liability

A tax obligation that arises from temporary differences between the book value and tax value of assets and liabilities, payable in future periods.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against an asset since it was acquired, reflecting its usage and wear and tear over time.

Tax Purposes

Considerations or actions undertaken in accounting or financial planning to minimize tax liabilities and comply with tax laws.

Accrual Accounting

An accounting method that records revenues and expenses when they are incurred, regardless of when cash is exchanged.