Quon filed an amended return claiming a $100,000 refund. The IRS disallowed the refund, and it can assess a penalty in the amount of ____________________% of the disallowed amount if there was no reasonable basis of support for the refund claim.
Fill in the blank(s) with the appropriate word(s).
20
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Newlyweds in the United States buy more in the first six months than an established household does in five years. Newlyweds are an example of a(n) ________ segment
A) life stage B) age C) behavior D) user status E) income
Kim Manufacturing purchased on credit £20,000 worth of parts from a British company when the exchange rate was $1.66 per British pound. At the year-end balance sheet date, the exchange rate increased to $1.69. Kim must record a gain of $600.
Answer the following statement true (T) or false (F)
Cheyenne Enterprises manufactures Nuts and Bolts from a joint process (cost = $80,000). Five thousand pounds of Nuts can be sold at split-off for $20 per pound; ten thousand pounds of Bolts can be sold at split-off for $15 per pound. For product costing purposes Cheyenne allocates joint costs using the relative sales value method.The amount of joint cost allocated to Nuts would be:
A. $60,000. B. $48,000. C. $32,000. D. $80,000. E. $40,000.
What is enterprise risk management (ERM)?
A. A process of evaluating internal controls to ensure operations are carried out efficiently and effectively B. A process designed to identify material events that may affect the financial statements and to manage risk within the entity's risk appetite C. A process, effected by an entity's board of directors, management, and other personnel designed to identify potential events that may affect the entity and to manage risk within its risk appetite D. A process by which compliance with laws and regulations can be assessed