Compared with the Senate Majority Leader,the Speaker of the House

question 29

Multiple Choice

Compared with the Senate majority leader,the Speaker of the House has more power because

• A)the House places more limits on debate.
• B)the House is the larger chamber in terms of membership.
• C)the House has less of a tradition as a chamber of equals.
• D)the Speaker is that chamber's presiding officer.
• E)All these answers are correct.

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Definitions:

Intraperiod Tax Allocation

The apportionment of income taxes within a financial reporting period to different components of net income and other comprehensive income.

Valuation Allowance

A contra-account used to reduce the carrying value of deferred tax assets if it is more likely than not that some portion will not be realized.

U.S. GAAP

Generally Accepted Accounting Principles as practiced in the United States, a framework of accounting standards, principles, and procedures.

Reversing Temporary Difference

A temporary difference that will result in deductible amounts in future years, affecting taxable income.