All of the following business organizations provide limited liability to their owners EXCEPT
A) limited liability company. B) general partnership.
C) S-type corporation. D) corporation.
B
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Indicate whether each of the following statements is true or false.Indirect costs are traced to cost objects. Cost drivers are used to allocate indirect costs to cost objects. An allocation rate is calculated by dividing the allocation base by the total cost to be allocated. A cost driver must be identified for each cost pool that is to be allocated. Depreciation on a building might be allocated to the departments sharing the building based on the number of square feet occupied by each department.
What will be an ideal response?
This year Clark leased a car to drive between his office and various work sites. Clark carefully recorded that he drove the car 23,000 miles this year and paid $7,200 of operating expenses ($2,700 for gas, oil, and repairs, and $4,500 for lease payments). What amount of these expenses may Clark deduct as business expenses?
A. Clark is not entitled to any deduction if he used the car for any personal trips. B. Clark cannot deduct these costs because taxpayers must use the mileage method to determine any transportation deduction. C. $7,200 D. $4,500 E. $2,700
The purpose of a biweekly loan is to
a. shorten the repayment period of a loan. b. enhance the tax advantages of home ownership. c. pay smaller monthly payments. d. slow equity buildup.
An economic gain is derived from mergers when two firms are worth more combined than separate.
Answer the following statement true (T) or false (F)