In most states the insurance commissioner is:
A) republican
B) democrat
C) appointed
D) elected
C
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Use this information pertaining to the Alvino Corporation to answer the following question. 1 . The corporation's Store Supplies account showed a beginning debit balance of $200 and supplies purchased of $800 . There were $300 of supplies on hand at year end. 2 . Depreciation on a building is estimated to be $5,000. 3 . A one-year insurance policy was purchased for $2,000 . Three months have
passed since the purchase. 4 . Accrued interest on a note receivable amounted to $100. 5 . The company received a $3,600 advance payment during the year on services to be performed. By the end of the year, one-fourth of the services had been performed. The adjusting entry for depreciation on the building is a. Depreciation Expense - Building 5,000 Accumulated Depreciation - Building 5,000 b. Accumulated Depreciation - Building 5,000 Depreciation Expense - Building 5,000 c. Building 5,000 Depreciation Expense - Building 5,000 d. Accumulated Depreciation - Building 5,000 Building 5,000
Product costs for a manufacturing company consist of cost of direct materials, direct labor, and overhead
Indicate whether the statement is true or false
____ activities are unnecessary activities
A) Frivolous B) Nonvalue-added C) Expensive D) Under-performing E) none of these
For flow-through entities, such as partnerships how does the tax law use partner basis adjustments to prevent double taxation of partnership income?
A. income of the business is passed through to the owners, who pay the taxes on their individual income tax returns. B. income of the business is passed through to the corporate, who pay the taxes on their individual income tax returns. C. income of the business is passed through to the limited liability, who pay the taxes on their corporate income tax returns. D. none of the above.