If the Economy Is Slipping into a Recession,which of the Following

question 213

Multiple Choice

If the economy is slipping into a recession,which of the following would be an appropriate fiscal policy?

• A)an increase in the money supply and a decrease in interest rates
• B)a decrease in government purchases
• C)a decrease in taxes
• D)a decrease in oil prices

Recognize the treatment and implications of different revenue and expense categories on financial performance.

Understand the relationship between the income statement, the balance sheet, and the impact of revenue recognition on financial statements.

Identify the nature of expenses and revenues and their impact on operating income and net income.

Distinguish between operating and non-operating income components of a business.

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