What Change in U

question 75

Multiple Choice

What change in U.S.law encouraged the expansion of credit?

• A) higher taxation of income from investments
• B) elimination of income averaging for taxpayers
• C) elimination of an exemption for non-mortgage borrowing
• D) deregulation of the banking industry
• E) all of the above

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Definitions:

Non-Adjusting Events

Events after the reporting period that do not provide new information about conditions existing at the end of the reporting period.

AASB 108

The Australian Accounting Standards Board standard outlining the procedures for making accounting policy changes, correcting errors, and making estimates.

Misstatements

A misstatement in financial information is an error, intentional or not, that causes financial statements to deviate from the true financial position, performance, or cash flows of an entity.

Economic Decisions

Choices made by individuals, firms, or governments regarding allocation of resources to satisfy needs and desires, often involving trade-offs.