Which of the following statements most accurately describes the dual-track accounting system used in federal agency accounting?
A. Use of double-entry accounting.
B. Maintaining self-balancing sets of proprietary and budgetary accounts and recording the effects of transactions on both available budgetary resources and proprietary accounts.
C. Keeping separate books, one on a tax basis and the other on a GAAP basis.
D. Recording internal budgetary transactions and proprietary transactions with external parties on a modified accrual basis of accounting.
Answer: B
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Longhorn Corporation reported a loss for both financial reporting purposes and tax reporting purposes of $231,000 in 2014 . For financial reporting purposes, Longhorn reported income before taxes for years 2011-2013 as listed below: 2011 ............................ $ 66,000 2012 ............................ 99,000 2013 ............................ 132,000 Assuming Longhorn's tax rate is 30
percent in all periods, and that the company uses the carryback provisions, what amount should appear in Longhorn's statements for financial reporting purposes as a net loss in 2014? a. $0 b. $69,300 c. $161,700 d. $234,300
Transfer pricing is a term for the pricing involved when one unit of an IC buys from another.
Answer the following statement true (T) or false (F)
The Magnuson-Moss Warranty Act does not require a seller or lessor to make an express written warranty
Indicate whether the statement is true or false
Which of the following is true of profits and losses of an LLC (limited liability company) whose operating agreement does not contain profit or loss sharing clauses?
A) A member who invests 10 percent capital must bear 10 percent of the losses. B) A member who invests 30 percent of the capital receives 30 percent of the profit. C) A member who invests 40 percent of the capital receives 20 percent of the profit. D) All members receive equal shares in profits regardless of the capital contributed.