If you cannot meet the deadline for filing your return,
A) the IRS will level a penalty, regardless of whether you file an application for a time extension.
B) the IRS will grant you an automatic extension if you file an application. You will be able to file a late return and late payment of taxes without penalty. However, you may owe interest on the late tax payments.
C) the IRS will grant you an automatic extension if you file for an extension. However, you will be penalized if you have not paid your taxes by the filing date.
D) you need only to file for an automatic extension and delay paying your taxes until you actually file your return.
C
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For which of the following is the current ratio most useful?
a. In evaluating a company's profitability. b. In evaluating a company's solvency c. In evaluating a company's profitability d. In evaluating a company's liquidity.
In which of the following cases do federal and state courts have concurrent jurisdiction?
A. bankruptcy cases B. diversity of citizenship cases C. antitrust cases D. patent cases
Which of the following is not a problem associated with standard cost accounting?
a. Standard costing motivates management to produce large batches of products and build inventory. b. Applying standard costing leads to product cost distortions in a lean environment. c. Standard cost data are associated with excessive time lags that reduce its usefulness. d. The financial orientation of standard costing may promote bad decisions. e. All of the above are problems with standard costing.
One can obtain a clear picture of a company's liquidity by referring to its income statement
Indicate whether the statement is true or false