The purpose of the excise tax imposed on a private foundation for failure to distribute sufficient levels of income is to motivate the foundation to distribute more of its income for application to exempt purposes.
Answer the following statement true (T) or false (F)
True
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Which of the following is not specified in the approved configuration plan?
a. chosen software configuration and expected performance specifications b. results of testing alternative software design and hardware resources c. assessment of financing and outsourcing activities d. appropriate acquisition ancillaries
Tolerable misstatement is:
A. materiality allocated to a specific account. B. materiality allocated to an assertion. C. materiality for the income statement as a whole. D. materiality for the balance sheet as a whole.
Realized gains and losses on investments in available-for-sale securities are reported
A) as a current asset. B) on the income statement. C) on the balance sheet as part of shareholders' equity. D) as a contra asset.
Which of the following is a documentary symptom that relate to all kinds of understatement of liability fraud?
a. Transactions recorded in a complete or timely manner. b. Reconciliation statement on unexplained items. c. Unusual discrepancies between the entity's records and confirmation replies. d. Balances or transactions that have supporting documents.