Examlex
Statement I: The water-diamond paradox is partially explained by the law of diminishing marginal utility.
Statement II: The marginal utility of the water we consume is quite low.
New Group
A category or collection of items or entities that are formed or compiled together for a specific purpose or identification.
IRS
The United States Internal Revenue Service, a federal agency responsible for collecting taxes and administering the Internal Revenue Code.
Accrual Basis
An accounting method where revenues and expenses are recorded when they are earned or incurred, regardless of when the cash is actually received or paid.
Cash Basis
An accounting method where revenues and expenses are recognized when cash is actually received or paid out.
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