Which of the following statements is incorrect?
A) S corporations must allocate income and expenses to their shareholders based on their proportionate ownership interest.
B) The number of S corporation shareholders is unlimited.
C) S corporation income is taxed to shareholders when earned.
D) S corporation losses can offset shareholder income from other sources.
B) The number of S corporation shareholders is unlimited.
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Cost centers have well-defined links between the cost of the resources and the resulting products
Indicate whether the statement is true or false
Accumulation of dividends in arrears on cumulative preferred stock does not guarantee the dividends will be paid.
Answer the following statement true (T) or false (F)
Answer the following statement(s) true (T) or false (F)
1. Authority is much more important than responsibility. Responsibility is mostly superfluous. 2. By claiming authority, you also assume responsibility. 3. One of the causes of the 2007 recession may have been unethical practices by financial firms. 4. Bribery is not a big deal if it benefits stakeholders. 5. As long as you bribe officials outside of the United States, the practice is legal and ethical.
Under the Endangered Species Act, what federal agency in the Department of the Interior is responsible for preparing a list of species that are in danger of becoming extinct?
a. National Park Service b. Fish and Wildlife Service c. Bureau of Land Management d. Bureau of Safety and Environmental Enforcement