Which of the Following Statements Regarding Secondary Authorities Is True

question 67

Multiple Choice

Which of the following statements regarding secondary authorities is true?

• A)Most secondary authorities are published by the federal government.
• B)Secondary authorities should never be cited as the authority for final research conclusions.
• C)Secondary authorities should always cite primary authority to support conclusions about the application of the tax law.
• D)None of the above statements is true

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Definitions:

Closing

The process of finalizing accounts at the end of an accounting period, leading to the preparation of financial statements.

Real Accounts

Accounts that represent assets, liabilities, and equity of a business and carry their balances permanently across accounting periods.

Accounting Period

The time span during which financial activities are recorded and reported, commonly a fiscal year or quarter.

Expense Accounts

Accounting categories used to track money spent or costs incurred in a company’s operations.