Twenty-five young investors decided that they want to start a dating service; however, they do not want to be held personally liable for losses of the company. They want to avoid double taxation. Which type of business organization would best fit the needs of these individuals?
A. Corporation
B. Closed corporation
C. Partnership
D. S-corporation
E. Limited cooperative
Answer: D
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Craig Marks, CPA performs an audit of Treasure, Inc, which keeps its financial statements on the tax basis of accounting. Craig is aware of this fact and audits the financial statements on the criteria of the tax basis. What type of engagement is this?
a. This engagement is not permitted by the AICPA. b. This engagement is an audit that will result in the issuance of a special report. c. This engagement is a compilation. d. This engagement is only performed by tax accountants who do not provide attest services.
Which major trend below is contributing to the evolution of the practice of public relations in the United States?
A) increasing numbers of mom-and-pop retail, startup companies B) greater pressure to become a profession like law or accounting C) heightened public awareness and media sophistication D) a growing number of online degree programs
A $300,000 bond was redeemed at 103 when the carrying value of the bond was $315,000. The entry to record the redemption would include a
A) loss on bond redemption of $6,000. B) gain on bond redemption of $6,000. C) gain on bond redemption of $9,000. D) loss on bond redemption of $9,000.
Ethnocentrism ________
A) ?is a natural attitude inherent in all cultures B) ?causes us to judge others by our own values C) ?can be fueled by political conflict D) ?is all of the above