Homework Answers
Answer-The correct option is a.True
Explanation:-
Generally, the law recognizes a partnership as an independent entity. A partnership usually can sue or be sued, collect judgement, and have all accounting procedures performed in the name of partnership entity. Partnership property can be held in the name of partnership rather than in the name of partners only.
Add Answer to:
Question 10 Generally, the law recognizes a partnership as an independent entity. True False
generally itemized deductions are personal expenses specifically allowed by tax law true or false
generally itemized deductions are personal expenses specifically allowed by tax law true or false
The accrual basis of accounting recognizes expenses when cash is paid. True or False? Question 13...
The accrual basis of accounting recognizes expenses when cash is
paid. True or False?
Question 13 2 pts The accrual basis of accounting recognizes expenses when cash is paid. O True O False
Chart of Entity Comparison Sole Proprietor Partnership C Corporation S Corporation LLC Legal Status Same entity...
Chart of Entity Comparison Sole Proprietor Partnership C Corporation S Corporation LLC Legal Status Same entity as owner Separate entity from owner Separate entity from owner Separate entity from owner Separate entity from owner Tax Year Same as owner Majority interest rules; principal partner rules; or the least aggregate deferral of income rule; exceptions may be the business purpose of 444 election Calendar or fiscal year Calendar year; 444 election; or business purpose demonstrated Depends on tax status as sole...
QUESTION 11 0.1 points Save Answer Internal auditors must be independent of the entity that employs...
QUESTION 11 0.1 points Save Answer Internal auditors must be independent of the entity that employs them. must be CPAs. generally report to the accounting department. are employed by all types of organizations. QUESTION 12 0.1 points Save Answer An examination of part of an organization's procedures and methods for the purpose of evaluating efficiency and effectiveness is what type of audit? compliance audit operational audit financial statement audit O production audit QUESTION 13 0.1 points Save Answer Most public...
Partnership income is taxed as a separate legal entity, then, the partners pay taxes again as...
Partnership income is taxed as a separate legal entity, then, the partners pay taxes again as their personal income. True or False True False
The public generally recognizes that it is very difficult for auditors to detect fraud, and therefore...
The public generally recognizes that it is very difficult for auditors to detect fraud, and therefore tend to not hold auditors accountable when auditors fall to detect some fraud. True False
1. True/ False The partnerships holding period for assets contributed to the partnership by a par...
1. True/ False The partnerships holding period for assets contributed to the partnership by a partner begins with the date the assets are contributed. 2. True/False A partner’s share of liabilities is generally based on her or his economic risk of loss in the case of recourse debt and loss-sharing ratio in the case of nonrecourse debt. 3. True/False A has been a partner in the ABC Partnership for only four months. During the current year, the partnership sold investment...
TRUE OR FALSE Question between an entity set and a P 8. Ifa relation is in...
TRUE OR FALSE Question
between an entity set and a P 8. Ifa relation is in 2nd Normal Form, it must be in the 3ed omal Fam
1) Generally, the tax law provides more incentives for renters than homeowners. True or False 2)...
1) Generally, the tax law provides more incentives for renters than homeowners. True or False 2) A personal residence is a capital asset. True or False 3) A taxpayer can only exclude gain on the sale of their current personal residence (the residence the taxpayer is living in at the time of the sale). True or False 4) As a general rule, at most, a taxpayer is allowed to exclude gain on the sale of a principal residence once every...
True or false 10. A limited liability partnership is a legal gp 11. Live animals are...
True or false
10. A limited liability partnership is a legal gp 11. Live animals are freely imported and exported according to Chinese foreign trade law. 12. A foreigner could invest in exploration of rare earth in China. 13. A supermarket security man has the right to search a customer's purse who is suspected for theft. 14. It is permitted to sell commodity with lottery award which the top award is less than 50000 RMB yuan.
The accrual basis of accounting recognizes expenses when cash is
paid. True or False?
Question 13 2 pts The accrual basis of accounting recognizes expenses when cash is paid. O True O False
QUESTION 11 0.1 points Save Answer Internal auditors must be independent of the entity that employs them. must be CPAs. generally report to the accounting department. are employed by all types of organizations. QUESTION 12 0.1 points Save Answer An examination of part of an organization's procedures and methods for the purpose of evaluating efficiency and effectiveness is what type of audit? compliance audit operational audit financial statement audit O production audit QUESTION 13 0.1 points Save Answer Most public...
Partnership income is taxed as a separate legal entity, then, the partners pay taxes again as their personal income. True or False True False
The public generally recognizes that it is very difficult for auditors to detect fraud, and therefore tend to not hold auditors accountable when auditors fall to detect some fraud. True False
TRUE OR FALSE Question
between an entity set and a P 8. Ifa relation is in 2nd Normal Form, it must be in the 3ed omal Fam
True or false
10. A limited liability partnership is a legal gp 11. Live animals are freely imported and exported according to Chinese foreign trade law. 12. A foreigner could invest in exploration of rare earth in China. 13. A supermarket security man has the right to search a customer's purse who is suspected for theft. 14. It is permitted to sell commodity with lottery award which the top award is less than 50000 RMB yuan.
Most questions answered within 3 hours.
-
Aqueous sulfuric acid H 2 SO 4 will react with solid sodium
hydroxide NaOH to produce...
asked 2 minutes ago -
c++ program need help
Write a function allBigger that takes 3 parameters: 2 arrays of floats...
asked 25 minutes ago -
Underwater mortgages ~ A mortgage is termed “underwater” if the
amount owed is greater than the...
asked 24 minutes ago -
A 25ml pipet sample of an alcohol is found
asked 26 minutes ago -
8. The presidents of the past century have a mean height of 70.3
inches and a...
asked 30 minutes ago -
What do you think is the most difficult item for the union to
negotiate? Why?
asked 28 minutes ago -
Should non-profit organizations post their strategic plan on
their website? What about corporations? Why?
asked 45 minutes ago -
An unknown substance has a mass of 16.7 g. The temperature of
the substance increases by...
asked 53 minutes ago -
A toy cannon uses a spring to project a 5.21-g soft rubber ball.
The spring is...
asked 54 minutes ago -
what is balanced chemical equation including
states of matter of Nal + Na2CO3?
asked 53 minutes ago -
An archer shoots an arrow at a bottle. The arrow flys at 34m/s.
There is a...
asked 1 hour ago -
Multiple choice data structures questions about stacks.
Here is an INCORRECT pseudocode for the algorithm which...
asked 1 hour ago