Answer the following statements true (T) or false (F)
From an economic standpoint, it appears reasonable that deferred tax liabilities should be shown at their present value.
ANSWER: T
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Wholesalers exclude manufacturers and farmers because they are engaged primarily in production,
but include retailers, as they are selling to the end consumer. Indicate whether the statement is true or false
The internal audit department recalculates payroll for several employees each pay period. This is an example of __________________________
Fill in the blank(s) with correct word
Which of the following is an incorrect statement regarding the naming of a limited liability company (LLC)?
A) Selecting a name is an important step in creating an LLC. B) The words "Incorporated" or "Inc." must be used in naming an LLC. C) An LLC name is reserved by filing an application with the secretary of state. D) In the process of naming an LLC, it is necessary to determine whether the proposed company name is federally trademarked by another company.
Which of the following is NOT a requirement under the UCC for negotiable instruments?
a. The negotiable instrument (NI) must be signed by the maker or drawer. b. The NI must contain an unconditional promise to pay a certain sum of money. c. The NI must be in writing. d. The NI must be payable to the drawer of the instrument. e. The NI must be payable on demand or at a specific date.