Describe the main ERP vendors and what distinguishes them from the rest
What will be an ideal response?
There are probably several dozen different ERP vendors, but with the recent acquisitions, now there are only about four or five major ERP vendors. The oldest and largest of these is the German company, SAP. Their ERP products span all sizes of firms and industries. The number two vendor is certainly the combination of Oracle/PeopleSoft. In addition to their market leading database product, they were also the first vendor to 100% web-enable all of their products. Lawson is a mid-size ERP vendor who focuses on industry-tailored software solutions. Microsoft entered the market with their product, Great Plains, which is oriented towards smaller companies.
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In any given accounting period, the amount a firm reports as income before income taxes for financial reporting in comparison to the amount of taxable income that appears on its income tax return may differ due to temporary differences. The temporary differences may create a deferred tax asset due to
a. providing for estimated warranty costs in the year a firm sells the warranted product but claiming a tax deduction later, when the firm makes actual expenditures for warranty repairs. b. reporting bad debt expense in the year a firm makes a credit sale, but claiming a tax deduction later, when the firm writes off specific uncollectible accounts. c. interest revenue on municipal bonds. d. choices a and b. e. choices a, b, and c.
Answer the following statement(s) true (T) or false (F)
1. Cumulative preferred stock accumulates unpaid dividends until they are paid and is paid before any common stock dividends are paid. 2. Both common stock holders and preferred stock holders have a vote in corporate matters. 3. Only preferred stock holders have a vote in corporate matters. 4. The book value of common stock is the sum of all the recorded par values of issued stock. 5. The market value of a stock may be different from the book value.
Keisha remembers learning about the Myers-Briggs test in her college psychology class. She thinks it would be great to use in her new job on the human resources team at a pharmaceutical sales organization. She has brainstormed several ways she would like to use the Myers-Briggs in her job. Describe the Myers-Briggs Type Indicator (MBTI). Explain how Keisha could and should use this taxonomy in her organization.
What will be an ideal response?
Answer the following statements true (T) or false (F)
1. There are no tax consequences of a partnership converting to a C corporation. 2. Section 351 applies to an exchange if the contributing shareholders own more than 50% of a corporation's stock after the transfer. 3. The transferor's basis for any noncash boot property received in a Sec. 351 transaction is the boot's FMV reduced by any unrecognized gain. 4. A corporation must recognize a loss when transferring noncash boot property that has declined in value and its stock to a transferor as part of a Sec. 351 exchange.