Standards for state and local governments are established by the
a. IRS.
b. IASB.
c. GASB.
d. AICPA.
C
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Why is it important for an organization's top officials to demonstrate ethical leadership?
What will be an ideal response?
________ provides protection for an employee's estate when he or she dies while still in the income-producing years.
A. Business insurance B. Health insurance C. Critical illness insurance D. Life insurance
Jessie is the maker of a $1000 promissory note in favor of Tyler. Tyler subsequently indorses the note to Ryan by signing just his name. Ryan in turn indorses it to Breanna by indorsing the back of the note, "Without recourse, Ryan." Breanna then indorses it to Liz, the present holder. If Liz collects payment from Tyler, then Tyler can demand payment from
a. Ryan and Breanna. b. Ryan only. c. Jessie only. d. Breanna only.
Dan sold 135 shares (assume 100 are long-term) of Elite Mutual Fund on July 26, 2018 for $95 per share and received a 1099-B (box 3 was not checked for basis) to record the sale of the shares. Dan's investment portfolio includes the following purchases of Elite Mutual Fund: May 20, 2015 50 shares at $100 per shareMarch 29, 2016 50 shares at $95 per shareAugust 21, 2017 50 shares at $85 per shareFebruary 22, 2018 100 shares at $75 per shareIn 2018, Dan will recognize:
A. no long-term gain or loss and a $333.45 short-term gain. B. $250 long-term loss and $583.45 short-term gain. C. no short-term gain or loss and a $1,215 long-term gain. D. $315 short-term gain and a $900 long-term gain.