Which of the following is true of a close corporation?
A) ?Its profits cannot be reported by stock holders as income on their personal income tax returns
B) ?It is also known as a closely held corporation.
C) ?It has a large number of stockholders.
D) ?Its profits are usually taxed twice.
B
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When salespeople and buyers trust each other, they:
A. share ideas more willingly. B. assume that each party will be honest with the other one. C. assume there is no need to constantly monitor the activities of each other. D. communicate more efficiently. E. perform all of these.
It would always be conservative to value inventory at market
Indicate whether the statement is true or false
The use of prenumbered documents is important to a good system of internal control
Indicate whether the statement is true or false
The order of presentation of activities on the statement of cash flows is
A) operating, investing, and financing. B) operating, financing, and investing. C) financing, operating, and investing. D) financing, investing, and operating.