Edward, a widower whose wife died in 2015, maintains a household for himself and his 10-year-old daughter. Edward's most favorable filing status for 2018 is
A) single.
B) surviving spouse.
C) head of household.
D) married filing jointly.
C) head of household.
Surviving spouse status is only available for the two years following the spouse's death, in this case, 2016 and 2017. However, Edward does qualify for head of household in 2018.
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Which of the following characteristics of a great company distinguishes it from an ordinary company?
A) It keeps its purpose and mission limited. B) It views itself only as a money-making machine. C) It sees itself as a key social institution. D) It always adapts a product-centric marketing approach.
Which of the following is not a typical analytical procedure for the completion of the audit?
a. Ratio analysis. b. Common-size analysis. c. Changes from the prior year. d. All of the above would typically be used.
In a 1976 discussion memorandum, the FASB defined the new entity approach to accounting for business combinations as a method which:
a. results in the assets and liabilities of the subsidiary being valued at market value at the time of acquisition, and the parent’s assets and liabilities being valued at book value. b. results in the assets and liabilities of the parent being valued at market value at the time of acquisition, and the subsidiary’s assets and liabilities being valued at book value. c. results in all entities’ assets and liabilities being revalued to market values at the time the combination originates. d. uses the book values of the combining companies.
With a bill of lading, Cartage Common Carrier Company acknowledges possession of certain goods and contracts to deliver them. Cartage is
A. a bailee. B. a buyer in the ordinary course of business. C. a good faith purchaser for value. D. an F.O.B.