Increases in Equity (Net Assets) from Peripheral or Incidental Transactions

question 98

Multiple Choice

Increases in equity (net assets) from peripheral or incidental transactions of an entity are called:

• A) revenues.
• B) gains.
• C) net income.
• D) economic benefits.

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Definitions:

Income Tax Code

The body of laws and regulations that govern how individuals, corporations, and other entities are taxed on their income.

Progressive

Often refers to a system or policy where the rate increases as the taxable amount increases, commonly applied to taxes and social policies.

Supplemental Health Insurance

Additional insurance that covers costs not covered by a primary health insurance plan, such as copayments, deductibles, and non-covered services.

Adverse Selection

A situation where sellers have information that buyers do not, or vice versa, about some aspect of product quality.