Management accounting activities
a. are synonymous with financial accounting activities.
b. substitute for the management cycle.
c. complement the management cycle.
d. have nothing to do with the management cycle.
C
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Given the following tax structure, what amount of tax would need to be assessed on Carrie to make the tax horizontally equitable? What is the minimum tax that Simon should pay to make the tax structure vertically equitable based on Fantasia's tax rate? This would result in what type of tax rate structure? TaxpayerSalaryTotal TaxFantasia20,0001,500Simon30,0002,000Carrie20,000???
What will be an ideal response?
Define subject matter jurisdiction. In terms of subject matter jurisdiction, describe the types of cases that are subject to:
a) exclusive federal jurisdiction; b) concurrent (in other words, both federal and state) jurisdiction; and c) state court jurisdiction.
Which of the following statements regarding the analysis of absolute amounts of various accounts reported on the financial statements is incorrect?
A. To correctly evaluate an absolute amount, the analyst must consider its relative importance. B. Economic statistics such as the gross national product are built upon totals of absolute amounts reported by businesses. C. Using absolute amounts eliminates the problem of varying materiality levels. D. Financial statement users with expertise in particular industries can look at absolute amounts and assess a company's performance in a certain area.
In responding to the previous question (Question 5), think about and then discuss why in your analysis the reasonable standard of care differs for the above listed categories of individuals. Is there any logic on which to base these differences because of societal need and expectations? Does justice demand a different result? Why would the courts make these distinctions?