The Food,Conservation,and Energy Act of 2008:

A) ended 60 years of U.S.price supports for American grain crops.
B) restored the U.S.price support system (for currently grown crops) that was ended in the Freedom to Farm Act of 1996.
C) ended the "freedom to plant" approach of the Freedom to Farm Act of 1996 and restored acreage allotments.
D) maintained the "freedom to plant" and "direct-payment" features of the Freedom to Farm Act of 1996,and also provides countercyclical payments and marketing loans to assist farmers.

Reed prepares federal corporate income tax returns for Shopping Mall Inc. and other firms. Under the Internal Revenue Code, with respect to an understatement of a client's tax liability, Reed may be liable for

A) negligent or willful misconduct.
B) no misconduct.
C) only negligent misconduct.
D) only willful misconduct.

Tired of looking for work with nothing to show for it,Bill has given up on the job search.Bill is

A) a contingent worker.
B) part of the frictionally unemployed.
C) voluntarily unemployed.
D) a discouraged worker.
E) a displaced worker.

Sobus Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. There is no variable manufacturing overhead. The fixed manufacturing overhead standards for the company's only product specify 0.70 hours per unit at $4.00 per hour. The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $70,000 and budgeted activity of 17,500 hours. During the year, 19,700 units were started and completed. Actual fixed overhead costs for the year were $57,700.Assume that all transactions are recorded on a worksheet as shown in the text. On the left-hand side of the equals sign in the worksheet are columns for Cash, Raw Materials, Work in Process, Finished Goods, and Property, Plant, and Equipment (net) . All of the variance columns are on the right-hand-side of the equals sign along with the column for Retained Earnings.When applying fixed manufacturing overhead to production, the Work in Process inventory account will increase (decrease) by:

A) $55,160
B) ($26,300)
C) $26,300
D) ($55,160)

Suppose the Environmental Protection Agency issues pollution permits in order to limit the quantity of pollution. Under this policy, is the supply of pollution rights perfectly elastic or is it perfectly inelastic?