Solutions for Chapter 12: Intermediate Accounting 15th Edition

Intermediate Accounting | 15th Edition | ISBN: 9781118147290 | Authors: Donald E. Kieso

Full solutions for Intermediate Accounting | 15th Edition

ISBN: 9781118147290

Intermediate Accounting | 15th Edition | ISBN: 9781118147290 | Authors: Donald E. Kieso

Solutions for Chapter 12

Solutions for Chapter 12
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Textbook: Intermediate Accounting
Edition: 15
Author: Donald E. Kieso
ISBN: 9781118147290

Chapter 12 includes 25 full step-by-step solutions. This expansive textbook survival guide covers the following chapters and their solutions. This textbook survival guide was created for the textbook: Intermediate Accounting, edition: 15. Intermediate Accounting was written by Sieva Kozinsky and is associated to the ISBN: 9781118147290. Since 25 problems in chapter 12 have been answered, more than 4950 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • ability-to-pay principle

    the idea that taxes should be levied on a person according to how well that person can shoulder the burden

  • aggregate-demand curve

    a curve that shows the quantity of goods and services that households, firms, the government, and customers abroad want to buy at each price level

  • Coase theorem

    the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own

  • collusion

    an agreement among firms in a market about quantities to produce or prices to charge

  • comparative advantage

    the ability to produce a good at a lower opportunity cost than another producer

  • economic profit

    total revenue minus total cost, including both explicit and implicit costs

  • financial system

    the group of institutions in the economy that help to match one person’s saving with another person’s investment

  • income effect

    the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve

  • investment

    spending on capital equipment, inventories, and structures, including household purchases of new housing

  • negative income tax

    a tax system that collects revenue from high-income households and gives subsidies to lowincome households

  • producer surplus

    the amount a seller is paid for a good minus the seller’s cost of providing it

  • production possibilities frontier

    a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology

  • rational people

    people who systematically and purposefully do the best they can to achieve their objectives

  • regressive tax

    a tax for which highincome taxpayers pay a smaller fraction of their income than do low-income taxpayers

  • shortage

    a situation in which quantity demanded is greater than quantity supplied

  • surplus

    a situation in which quantity supplied is greater than quantity demanded

  • trade policy

    a government policy that directly influences the quantity of goods and services that a country imports or exports

  • unemployment insurance

    a government program that partially protects workers’ incomes when they become unemployed

  • utilitarianism

    the political philosophy according to which the government should choose policies to maximize the total utility of everyone in society

  • vertical equity

    the idea that taxpayers with a greater ability to pay taxes should pay larger amounts

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