Which of the following transfers is subject to the gift tax?
A. Lance purchases land, titling it in the names of Lance and Sheryl, joint owners.
B. Frank gives $30,000 to a lobbying group promoting stricter environmental regulations.
C. Matilda contributes $5,000 to a Senate candidate's political organization.
D. Julia establishes a trust benefiting her nieces and nephews. Julia will determine the amount of any distributions made.
Answer: A
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Which of the following is not an example of obvious financial reporting frauds as discussed in the text?
A) Keeping the books open for a few days after the end of the reporting period. B) Transferring assets to an affiliate at more than their actual value. C) Recording as assets expenditures that should have been classified as expenses. D) Recording a liability when title to merchandise passes to the purchaser.
Clayton Tile has a secured bond on specific property of Ceramic Creations, Inc Clayton's claim against Ceramic is enforceable only against that specific property
a. True b. False Indicate whether the statement is true or false
Profit margin reflects the percent of net income in each dollar of net sales.
Answer the following statement true (T) or false (F)
The quick ratio improves upon the current ratio by
A) using more up-to-date information. B) simplifying the calculation. C) subtracting intangible assets like goodwill. D) recognizing that inventory is the current asset that is easiest to value. E) recognizing that inventory is the least liquid current asset.