A Statement May Be Introduced as a Declaration Against Interest

question 33

True/False

A statement may be introduced as a declaration against interest only if the person who made the statement testifies at trial.

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Definitions:

Deferred Tax Note

An explanatory note in financial statements detailing the amounts and causes of deferred tax assets and liabilities.

Earnings Quality

An assessment of the degree to which reported income provides accurate information about a firm's true income generation and sustainability.

Effective Income Tax Rate

The average percentage of their pre-tax income that individuals or corporations pay in taxes.

Economic Changes

Variations or shifts in the economic environment that can affect the performance and strategies of businesses.