The AAA account for an S corporation can never be a negative number. True False
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The AAA account for an S corporation can never be a negative number.
True | |
False |
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- Accounting firms may not audit the corporation for which they provide regular accounting services. True or False?true or false. Flowcharting is a requirement of Sarbanes-Oxley (SOX). In other words, if a publicly-traded company does not have flowcharts of their business process cycles, they can't say that they comply with SOX.True or False: The Sarbanes Oxley Act (SOX) only applies to public companies.
- People with an indirect interest in a business would use report based on GAAP. TRUE or FALSE?One reason that an cntity is allowed to change its accounting policy is when It is required by an accounting standard. It is required by law. It is ordered by management. All of these would allow an entity to change an accounting policy.How would one characterize holding company? a). A company that "holds" only assets, no liabilities b) a company which has no "operational" assets on its balance sheet, just other operating companies c) company that is not organized as a corporation d) a company that holds grudges against another company.
- Is there any consequences if one person corporation (OPC) was not put before or at the end of a supposedly OPC corporate name? If there is, what would it be?1. Of the following, choose the one that describes a situation where liabilities and expenses are manipulated to make a company appear less profitable? A. Liabilities are capitalized to increase revenues. B. Failure to record insurance expense for the period. C. Failure to record employee payroll earned but not paid as of period end. D. Failure to record warranty costs when the facts suggest that disclosure is more appropriate accounting treatment. E. None of the above.Write T if the statement is correct and F if the statement is incorrect. On the space provided, briefly explain using the concepts discussed why your answer to a statement is T or F. 2. A corporation can be an incorporator in another corporation.
- Contraventions of the Corporations Act that are considered significant include: O a fraud by officers or employees of the entity. O b. insolvent trading. O c. breaches of accounting standards. O d. all are correct.Some argue that having various organizations establish accounting principles is wasteful and inefficient. Rather than mandating accounting rules, each company could voluntarily disclose the type of information it considered important. In addition, if an investor wants additional information, the investor could contact the company and pay to receive the additional information desired.Explain whether the following statement is true or false: Only weak companies issuedebentures.