Answer the following statements true (T) or false (F)
1. If the majority of the partners do not have the same tax year, the partnership must use the tax year of its principal partners.
2. All C corporations can elect a tax year other than a calendar year.
3. An improper election to use a fiscal year automatically places the taxpayer on the calendar year.
4. If Jett Corporation receives a charter in 2016 but does not begin operations and file its first tax return until 2018, Jett may elect a fiscal year on the 2018 return.
1. TRUE
This conformity is designed to minimize deferral.
2. FALSE
Personal service corporations are generally required to use a calendar year.
3. TRUE
The calendar year is the default tax year.
4. FALSE
Since tax returns were required for 2016 and 2017, the returns are not timely filed and the election may not be made.
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Three major costs of organizational distress are:
A. participation problems, performance decrements, and compensation awards. B. psychosomatic disorders, burnout, and rust-out. C. substance abuse, emotional exhaustion, and behavioral problems. D. depression, workplace aggression, and accidents.
Explain how the decision process in the business market and consumer market differ
What will be an ideal response?
Sam, the project engineer, has been scheduled to run the product system test at the same time he is to build a marketing prototype. This is an example of what type of resource constraint?
A. Time B. People C. Technical D. Equipment E. Physical
In a job-order costing system,
a. standards cannot be used. b. an average cost per unit within a job cannot be computed. c. costs are accumulated by departments and averaged among all jobs. d. overhead is typically assigned to jobs on the basis of some cost driver.