Which of the Following Is a Correct Statement

question 15

Multiple Choice

Which of the following is a correct statement?

• A)Economics is concerned only with explaining the way that economies actually operate and not with how they should operate.
• B)Though not quantitatively exact, economic laws are useful because they allow us to predict and, therefore, to control or to adjust to events.
• C)Economics is as scientific as physics and chemistry because economic laws are as quantitatively precise as the laws of physics or chemistry.
• D)Because economics is concerned with questions of "ought," it is a branch of applied ethics and not scientific.
• E)Economics is concerned with how economies should operate and not with how they do operate.

Recognize revenue and expenses correctly under the installment sales method.

Apply the completed-contract method for long-term contracts.

Identify conditions that must be met for revenue recognition in the presence of a right of return.

Analyze and account for initial franchise fees revenue.

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Definitions:

Civil Trial

A legal proceeding where parties in dispute seek a resolution in a court of law without involving criminal charges.

Evidence

Anything that is used to prove the existence or nonexistence of a fact.

Civil Litigation

The legal process of resolving disputes between individuals or entities in civil courts, involving non-criminal matters.

Out of Court

A term describing resolutions or agreements made without formal legal proceedings or a trial.