This is not an advantage of a sole proprietorship:
A) Forming the company is easy and low cost.
B) The sole proprietorship is not responsible for the company's contracts or torts.
C) The sole proprietor makes all of the decisions.
D) The sole proprietor receives all of the profits.
B
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Silvia is a single individual who has an income of $80,000. Todd is a single individual who has an income of $35,000. Neither of them itemizes their deductions. Both taxpayers will take a standard deduction of $12,200 in 2019. The concept that allows both Silvia and Todd to take this deduction is the:
A. capital recovery concept. B. administrative convenience concept. C. entity concept. D. wherewithal-to-pay concept. E. pay-as-you-go concept.
Which of the following represents the combined sum of direct materials costs and direct labor costs?
A) conversion costs B) period costs C) prime costs D) fixed costs
Treasury stock should be reported
a. as a current asset only if it will be sold within the next year or the operating cycle, whichever is longer. b. as a current asset only if it will be sold within the next year or the operating cycle, whichever is shorter. c. in the Investments and Funds section of the balance sheet. d. as a deduction from total stockholders' equity on the balance sheet.
Businesses in the ______ sector have to first assess their operations’ needs before selecting a specific ERP package.
A. manufacturing B. service C. mining D. hospitality