For Each of the Following Independent Statements, Choose the Best

question 138

Multiple Choice

For each of the following independent statements, choose the best answer.
-The entity can choose between the cash and accrual methods of reporting its income and deductions.

• A)Tax attribute of complex trusts only
• B)Tax attribute of estates only
• C)Tax attribute of estates and complex trusts
• D)Tax attribute of neither estates nor complex trusts

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Definitions:

Cognitive Dissonance

The mental discomfort or psychological stress experienced by a person who holds two or more contradictory beliefs, ideas, or values at the same time.

Balance Theory

A psychological theory suggesting that individuals strive for mental consistency among their beliefs, attitudes, and sentiments, and will change or eliminate beliefs to achieve balance.

Environmental Activist

An individual who actively promotes the protection and preservation of the environment through various actions and campaigns.

Cognitive Dissonance

The mental discomfort experienced by an individual who holds two or more contradictory beliefs, ideas, or values at the same time, often leading to an alteration in one's beliefs to reduce the discomfort.