If, after making an environmental assessment, a federal agency decides no EIS is required, it must make this decision available to the public
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following is true of the internal control component—information system?
A) Internal auditors monitor company controls to safeguard assets, and external auditors monitor the controls to ensure that the accounting records are accurate. B) Control procedures are designed to ensure that the business's goals are achieved. C) Only authorized users have access to various parts of the information system. D) The information system is the "tone at the top" or the culture of the business.
The prices of condos in a city are normally distributed with a mean of $90,000 and a standard deviation of $28,000
a. The city government exempts the cheapest 6.68% of the condos from city taxes. What is the maximum price of the condos that will be exempt from city taxes? b. If 1.79% of the most expensive condos are subject to a luxury tax, what is the minimum price of condos that will be subject to the luxury tax?
Picasso's Paint Co. had an inventory balance of $4,200 on January 1. During the accounting period they made purchases of $12,500. The ending inventory balance was $2,250. If Picasso's Paint Co. uses the periodic inventory system, what is the cost of inventory sold during the period?
A) $12,500 B) $14,450 C) $16,700 D) $18,950
Last year, Ted invested $100,000 for a 50% interest in a partnership in which he was a material participant. The partnership incurred a loss, and Ted's share was $150,000 . Which of the following statements is incorrect?
a. Ted's nondeductible loss of $50,000 can be carried over and used in the future (subject to the at-risk provisions). b. If Ted has taxable income of $50,000 from the partnership in the current year and no other transactions that affect his at-risk amount, he can use all of the $50,000 loss carried over. c. Since Ted has only $100,000 of capital at risk, he cannot deduct more than $100,000 against his other income. d. None of the above is incorrect.