As in partnerships, an S corporation shareholder's basis is dynamic and must be adjusted annually.
Answer the following statement true (T) or false (F)
True
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A company may prepare a statement of retained earnings instead of a statement of stockholders' equity if the only changes in the stockholders' equity accounts that occurred during the year are earnings and dividends
a. True b. False Indicate whether the statement is true or false
In preparing the overhead budget, many companies use:
A) activity-based costing. B) multiple drivers for a simple budget. C) a unit-based driver such as direct labor hours. D) participative costing. E) none of these.
Answer the following statement(s) true (T) or false (F)
1. Hofstede's first four dimensions of work values were named individualism–collectivism, power distance, uncertainty avoidance, and masculinity–femininity. 2. In the Schwartz Value Survey, the content of values dimension refers to recognition of people as moral equal. 3. According to Trompenaars' dimensions, in neutral cultures emotion should be held in check and maintaining an appearance of self-control. 4. According to Trompenaars' dimensions, in diffuse cultures individuals separate the private part of their lives from the public. 5. GLOBE dimensions include in-group collectivism which is the degree to which individuals express pride, loyalty, and cohesiveness in their organizations or families.
Explain the term “double-entry bookkeeping” and list the major components.
What will be an ideal response?