Which of the following statements always apply to corporations? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark

Which of the following statements always apply to corporations? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark

Business/Professional Ethics Directors/Executives/Acct

8th Edition

ISBN:9781337485913

Author:BROOKS

Publisher:BROOKS

Chapter5: Corporate Ethical Governance & Accountabililty

Section: Chapter Questions

Problem 19.4EC

See similar textbooks

Similar questions

Which of the following are correct descriptions of large corporations? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) check all that apply Managers no longer have the incentive to act in their own interests.unanswered The corporation survives even if managers are dismissed.unanswered Shareholders can sell their holdings without disrupting the business.unanswered Corporations, unlike sole proprietorships, do not pay tax; instead, shareholders are taxed on any dividends they receive.
You need to go the office of DTI if you will register your corporation. true or false? Registering your business trade name is done in the office of SEC C. Mayor’s Office DTI D. Philhealth Office Which of the following is not a benefit of record keeping? It will not help in managing potential risks. It will measure profit and performance. It will protect the rights of the owner. It will not let you know how much you are earning.
Is it an entity inherent risk for the information below? Supervisors working at Marco Inc. interview all perspective employees for positions they supervise. In addition, at least one of the corporate officers also interviews each perspective employee. Most of the key employees, including the officers, have been with Marco for more than ten years. However, due to the high demand for accountants, Stephen Violet an accountant and most of the accounting staff have been employed at Marco for less than 3 years. While Marco checks references for any prospective employee, they do not check criminal records or perform other forms of background checks. If it is an inherent risk, what is the feature of the firm that will possibly affect inherent risk and explain how and why; that is whether it increases or decreases inherent risk. Please address a specific risk to the accuracy of the financial statements with the "how" and whether audit effort should be increased or decreased for specific…
While meeting with a CPA, a new business owner finds out that the business is considered a pass-through entity. What does that mean? a) The profits of the business are taxed as income to the owner. b) The profits of the business are taxed as income to the company. c) The owner's personal assets are not at risk even if the business fails. d) The business will only have a few employees.
Which of the following statements relating to corporate governance is FALSE? The legal environment in which a corporation does business can have a big impact on its decisions. Type I agency problems are more important in widely held companies. (Tick here if you think that none of the other statements is FALSE.) Straight voting is better for minority shareholders than cumulative voting. In a civil law system, judges interpret the law but they cannot change it.
Discuss the essential temporary accounts that a corporation will need to close during this process. Describe some issues that may arise if a corporation were to miss closing some accounts or skip the process entirely. Identify the most important way for a corporation to ensure closing was done properly.
The following situations involve the provision of nonauditservices. Indicate whether providing the service is a violation of AICPA rules or SECrules including Sarbanes–Oxley requirements on independence. Explain your answer asnecessary.a. Providing bookkeeping services to a public company. The services were preapprovedby the audit committee of the company.b. Providing advice to a private company client on accounting for a merger withanother private company.c. Providing internal audit services to a public company that is not an audit client.d. Implementing a financial information system designed by management for a privatecompany.e. Recommending a tax shelter to a client that is publicly held. The services were preapproved by the audit committee.f. Providing internal audit services to a public company audit client with the preapprovalof the audit committee.
The effect of registration at Companies House is that a company becomes an artificial legal person. Explain and illustrate by reference to relevant cases what this means and outline the main consequences of a company having a legal personality.
In the following case, identify all the violations of the rules of conduct of the Code of Professional Ethics, indicate the rule and explain why it was violated. Carmen and Carlos formed a corporation called CPA al servicio. 50% of all issued shares are divided between the two owner shareholders. Carmen in CPA and member of the AICPA Carlos is an appraiser. They announce themselves as members of the AICPA. They were hired to do an audit, the payment of which will be based on the findings of the CPA. Carmen commented with another CPA colleague on important aspects of the case to be audited. During the audit Carmen found deviations from the Generally Accepted Accounting Principles. Carmen gave an opinion in the report of her "unqualified without qualification."102 Integrity and objectivity } 201 General standards } 202 Compliance with standards } 203 Accounting Principles } 301 Confidential customer information } 302 Contingency expenses } 501 Acts of discredit } 502 Promotion or…
Company is artificial legal person. How does it achieve the status of artificial legal personality and through adopting which steps, a company starts business? Elaborate (Please explain briefly )
Assume that you have finished your MBA program and have applied for a position in the FinancialAccounting Department of a large multinational company. The company is struggling with itsaccounting reporting matters and several accounting reports are under regulatory scrutiny. In theinterview board, the recruitment committee members have asked you the following questions. i. How can you contribute the Financial Accounting Department of this company if youare recruited? (PLEASE DO NOT GIVE OTHER OR EXISTING ANSWER OF BARTLEBY)
Which of the following is NOT the weaknesses of sole proprietorship? Manakah di antara berikut BUKAN kelemahan perniagaan milikan tunggal? Select one: A. Limited skills and capability /Keupayaan dan kemahiran terhad B. Do not have proper financial record /Tidak memiliki rekod kewangan yang baik C. Unlimited liability /Liabiliti tidak terhad D. Business information can be kept confidential /Maklumat perniagaan tidak perlu didedahkan