Which of the following process bubbles would you not expect to see in the Purchasing Process - Level 0 Diagram?
a. make payment
b. order goods and services
c. receive goods and services
d. determine requirements
A
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In the context of SWOT analysis, which of the following would be a strength for a company already existing in the market?
A) a growing market B) a local environment that is conducive to growth of the business C) an openness of the governmental mechanism to foreign investors in the business D) a low level of barriers to entry in the market E) a high level of branding that leads to market recognition
Permanent differences between pretax financial income and taxable income result when
A) a company engages in fraudulent activity. B) the SEC imposes a penalty on a company. C) the IRS imposes interest on a late payment. D) the U.S. Patent Office denies a patent application.
Upon paying the principal debtor's entire obligation, the surety is __________ the rights of the creditor
a. subject to b. subrogated to c. exonerated by d. set off by
Purple Corporation, a personal service corporation (PSC), adopted a fiscal year ending September 30. The sole shareholder of the corporation is a calendar year taxpayer. During the fiscal year ending September 30, 2019, the shareholder-employee received $120,000 salary. The corporation paid the shareholder-employee a salary of $15,000 during the period beginning October 1, 2019 through December 31, 2019.
A. The corporation salary expense for the fiscal year ending September 30, 2020 is limited to $120,000. B. The corporation salary expense for the fiscal year ending September 30, 2020 is limited to $135,000. C. The corporation salary expense for the fiscal year ending September 30, 2020 is limited to $60,000. D. The corporation must switch to a calendar year. E. None of these.