Public Schools in the United States Get Most of Their

question 4

Multiple Choice

Public schools in the United States get most of their operating funds from

• A)government production and subsidies.
• B)income taxes on corporate profits.
• C)local property taxes.
• D)tariffs collected on imported goods.

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Definitions:

Amortized Cost

The accounting method that gradually reduces the book value of an intangible or tangible asset through periodic charges to income.

IFRS

International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that outline how financial statements should be prepared and disclosed.

Straight-Line Depreciation

A method of calculating the depreciation of an asset which allocates an equal portion of the asset's cost over each year of its useful life.

Useful Lives

The estimated period during which an asset is expected to be usable for the purpose for which it was acquired.