All of the following are classified as flow-through entities for tax purposes except
A. C corporations.
B. partnerships.
C. S corporations.
D. limited liability companies.
Answer: A
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Which of the following is not a reason cited in the text for the failure of the CAP and the APB as regulatory bodies?
a. The SEC did not officially endorse private-sector standard setting until 1973. b. The CAP and the APB lacked the necessary political structure to ensure their survival. c. Policy making was exposed to outside influence. d. There appeared to be no due process in the determination of accounting and disclosure rules.
A ________ is created when a person deposits money in a bank account in his or her own name and holds it as a trustee for the benefit of another person
A) resulting trust B) Totten trust C) spendthrift trust D) testamentary trust
What is a full set of constraints for this problem if there are 30 MBA students enrolled this semester?
The $75 per credit hour course fee tacked on to all the MBA classes has generated a windfall of $56,250 in its first semester. "Now we just need to make sure we spend it all," the Assistant Dean cackled. She charged the Graduate Curriculum Committee with generating a shopping list before their next meeting. Four months later, the chairman of the committee distributed the following. As the professor for the quantitative modeling course, he tended to think in terms of decision variables, so he added the left-most column for ease of use. Decision Variable Item Cost Note A iPads for everybody $750/unit Must get a cover if these are purchased B iPad covers with MBA logo $25/unit Not needed unless we buy iPads C Speaker series $15,000 Can't afford both this and the iPads D Subscriptions to the Wall Street Journal $10/unit Don't need if we have the electronic version E Subscriptions to the electronic version of the Wall Street Journal $5/unit Worthless without the iPads
Manufacturing overhead is allocated by debiting the Finished Goods Inventory account
Indicate whether the statement is true or false