For federal income tax purposes, a Chapter S corporation is treated as
a. sole proprietorship.
b. partnership.
c. limited partnership.
d. corporation.
B
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Which of the following statements is true regarding common law?
a. In common law countries, there are generally more statutes written into the laws. b. In common law countries, there is less reliance on interpretation by the courts. c. Because more details are written into U.S. law, FASB has shorter and more general accounting standards than most countries. d. The common law system has its roots in the United Kingdom.
A partnership is a:
A. limited association in which parties sign a contract expressing their intent to form the partnership. B. consensual association that requires the property used in the business be owned by it. C. voluntary and consensual association involving two or more persons. D. voluntary association formed by an express agreement.
The fixed overhead application rate is a function of a predetermined "normal" activity level. If standard hours allowed for good output equal this "normal" activity level for a given period, the production-volume variance will be:
a. Zero. b. Favorable. c. Unfavorable. d. Either favorable or unfavorable depending on the budgeted overhead.
Explain how a company might be held liable for unethical behavior even if that behavior is entirely legal in nature.
What will be an ideal response?