Which is the most accurate statement?

A) State and local government spending is almost half the level of federal spending.
B) Defense spending is much higher today than it was in 1990.
C) Most members of Congress have agreed to vote to cut Social Security benefits to bring down the federal budget deficit.
D) Direct benefit payments to individuals now account for 25 percent of all federal government spending.

The ___ occurs when decisions are influenced by inappropriate allegiance to a previously existing value or starting point.

A) confirmation error
B) lack-of-participation error
C) representativeness bias
D) anchoring and adjustment bias
E) availability bias

In May 2013,the FASB and the IASB issued a jointly developed leasing exposure draft which

A) Takes a property rights approach and would require lessees to record a "right-of-use" asset and the associated liability.
B) Takes a performance obligation approach for lessees and removes the asset from the balance sheet rather than establishing a lease liability.
C) Takes a derecognition approach for lessees and establishes a lease asset and a lease liability for the present value of the expected rental payments.
D) All of the choices are correct.

Grape Vineyards LLC, the members of which include Howie and Ilya, can hold title to property because as a limited liability company the firm is

A) the sum of its members.
B) a non-entity
C) a legal person.
D) a holding company.