Answer the following statement(s) true (T) or false (F)
1. The corporation’s state of domicile is the state where its articles of incorporation are filed, regardless of where it transacts its business.
2. Professionals from several different fields, such as doctors, lawyers, and accountants, can consolidate their businesses to form one professional corporation.
3. The term sister corporation is sometimes used to refer to two corporations owned or controlled by the same owners.
4. Because the corporation is a separate entity, the corporation itself is liable for any debts and obligations it incurs.
5. All corporations must have their tax year end on December 31.
1. TRUE
2. FALSE
3. TRUE
4. TRUE
5. FALSE
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Which of the following is NOT correct?
a. The operating cycle sometimes is longer than one year in duration. b. The operating cycle always is one year in duration. c. The operating cycle sometimes is shorter than one year in duration. d. The operating cycle is a concept applicable both to manufacturing and retailing enterprises.
Which of the following statements are true?
a. Fixed costs per unit vary inversely with levels of production. b. Absorption costing is more useful than variable costing in determining a company's break-even point. c. Variable costs per unit vary directly with production. d. Total fixed costs per unit vary inversely with levels of production.
A Gantt chart depicts a chronological history of an activity
Indicate whether this statement is true or false.
A measure of the total greenhouse gas emissions caused directly or indirectly by an organization, a product, an event, or a person is the nitrogen footprint
Indicate whether the statement is true or false