Explain the Japanese saying "A nail standing out will be hammered down." Discuss how the Japanese feel about group-oriented behavior versus emphasis on the individual
The saying means that a person who does not conform to societal customs must learn to do so. In Japan, teamwork is valued and respected over individual effort, achievement, and competition. The Japanese believe that all members must participate in decision making. Discussions are held until a consensus, not just a simple majority, is reached.
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A single taxpayer provided the following information for 2018:Salary$80,000Interest on local government bonds (qualifies as a tax exclusion)4,000Allowable itemized deductions13,000What is taxable income?
A. $71,000 B. $80,000 C. $67,000 D. $62,950
An unfavorable activity variance for revenue indicates that activity was less than expected when the static planning budget was developed.
Answer the following statement true (T) or false (F)
Most firms use outside auditors to conduct their social audit
Indicate whether the statement is true or false.
Vincent Company transferred business realty (FMV $2.3 million; adjusted tax basis $973,000) to Massur Inc. in exchange for Massur common stock. Which of the following statements is false?
A. If Vincent recognizes gain on its exchange of property for stock, Vincent's tax basis in its Massur stock is $2.3 million. B. If Vincent is in control of Massur immediately after the exchange, Massur's tax basis in the transferred realty is $973,000. C. If Vincent is not in control of Massur immediately after the exchange, both Vincent and Massur must recognize a $1,327,000 gain. D. If Vincent does not recognize gain on its exchange of property for stock, Vincent's tax basis in its Massur stock is $973,000.