What is a not-for-profit corporation? Discuss some of the similarities between not-for-profit corporations and for-profit corporations.
What will be an ideal response?
A not-for-profit corporation is a corporation organized to provide a social, educational, religious, or other service rather than to earn a profit. Employees of both for-profit and not-for-profit organization are responsible for making sure the organization achieves its goals and objectives, ensuring accountability for finances and donations, and monitoring activities to improve performance of both employees and volunteers.
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The purchasing agent is responsible for developing the direct materials quantity standard
Indicate whether the statement is true or false
At the beginning of the year, Ryan’s capital account balance in the RUS Partnership (in which he owned a 40% interest) was $200,000. During the year, Ryan contributed cash ($40,000) and property (basis = $20,000, fair market value = $30,000). RUS reported ordinary income of $100,000 and tax-exempt income of $6,000. At the end of the year, the partnership distributed $6,000 of cash to Ryan. On the Schedule K-1, the partnership shows that Ryan had a $50,000 share of nonrecourse LLC debt at the end of the year. Using the tax basis method, how much is Ryan’s ending capital account balance?
A. $294,000. B. $296,400. C. $306,400. D. $344,000. E. $346,400.
Federal, state and local ________ may apply to a business and may affect what it can do, how it can do it, and when and where it can operate.
A. regulations B. grants C. taxes D. zoning
Which of the following refers to ‘a paradigm in which all the objects around us could be connected anytime and anywhere’?
a. Internet of Things b. Smart devices c. Gateway d. Crowdsourcing e. Web 3.0