Partners may elect to have the partnership not be a separate taxable entity, so that only the partners are taxed
Indicate whether the statement is true or false
True
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The Sarbanes-Oxley Act of 2002 requires that a company's attest auditors be able to perform which of the following activities?
A. Design and implement the controls used in the AIS. B. Evaluate the internal controls in an AIS. C. Take over the company's AIS if necessary. D. Assess the value of a company's IT assets.
A sample of positive confirmations is mailed for material accounts receivable balances. Frequently there is a lack of response. Which of the following is not an acceptable alternative procedure?
a. Reviewing collections on the account subsequent to the confirmation date. b. Inquiry of management. c. Mailing second and third confirmations. d. Examination of supporting documents.
How would a company’s donation of accounting services for a nonprofit charity differ from its donation of cash to that same organization?
a. It would be of greater value to the nonprofit. b. It would not be quantifiable in terms of monetary value. c. It would not have as big an effect on the giving company’s reputation. d. It would not be tax deductible.
Bill Schultz works at a high power investment firm in Los Angeles. Bill is responsible for promoting the firm's vision and creating the companywide goals and strategies. He also monitors the overall strategic performance of the company and its direction for future business strategies. At what level of the organizational pyramid would you categorize Bill?
A. Owner B. Managerial C. Operational D. Strategic