Ellen, a CPA, prepares a tax return for Frank, a plumber, in exchange for installing a new sink. Since no cash changed hands, neither taxpayer is required to report any income.
Answer the following statement true (T) or false (F)
False
Gross income can be realized in any form, including money, property, and services.
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Frank Carpenter, who runs a charity organization, has been faking his father's signature on his father's personal checks and writing them in favor of the charity as donations. He gets hold of the checks from his father's personal assistant, Rhonda Mason, who is also Frank's friend and the charity's trustee. After faking the signature, Frank gives the checks to Rhonda to deposit in the bank. But unbeknownst to Frank, Rhonda routes some of the check money into her own savings account. Frank's father, Dawson, realizes that money is being withdrawn from his account without his consent. He suspects his estranged son, Frank, and in order to find out if Frank is involved, Dawson secretly offers money to the financial accountant of the charity to divulge the charity organization's financial
dealings. The accountant accepts the money and gives access to the account books. After scrutinizing the financial records, Dawson realizes that Frank has been swindling him of his money, and the charity itself was being swindled by somebody from within. With this information, Dawson proceeds to file a suit against his son. In the above scenario, which criminal activity is Frank engaging in when faking his father's signature? A. embezzlement B. forgery C. bribery D. extortion
Jobs are ranked according to their processing times, and the job with the longest processing time will be processed first and completed in the ______.
A. shortest processing time B. earliest due date C. longest processing time D. critical ratio (CR)
A corporation that buys the assets of another corporation does not assume the other's liability unless:
a. the purchaser expressly or impliedly agrees to assume the seller's liabilities. b. the transaction amounts to a consolidation or merger of the two corporations. c. the sale is for the fraudulent purpose of avoiding the liabilities of the seller. d. All of these.
If Stanley Jones, VP Finance, meets with Linda Sheridan, CEO, to discuss how much of the budget can be allotted to certain departments for next year's project plans, the two are engaging in
A. stating objectives. B. contingency planning. C. strategic planning. D. tactical planning. E. financial planning.