EBK BUSINESS & PROFESSIONAL ETHICS FOR
8th Edition
ISBN: 9781337514460
Author: DUNN
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Except for _________, losses from the sources listed below are not regarded as capital losses.
Business lossRental lossProfessional lossCapital loss
Which among the following advocates for accounting all the prospective losses but leave aside all the prospective profits?
a.
Timeliness convention
b.
Prospective convention
c.
Conservatism convention
d.
Materiality convention
The losses from the following sources are considered non-capital loss except _________.
Business loss
Rental loss
Professional loss
Capital loss
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Which of the following capital losses can be used to offset a capital gain made from the sale of an investment property? Select one:Capital loss made on the sale of a rare coinCapital loss made on the sale of a main residenceCapital loss made on the sale of a boatCapital loss made on the sale of sharesCapital loss made on the sale of an artworkarrow_forwardIn an S Corporation are the unit holders liable for business losses too?arrow_forwardWhat term is used to describe the characteristic of a business entity where an individual(s) associated with an entity can not only lose all of his/her investment in the firm but personal assets can be taken to pay the debts of the firm if necessary? Group of answer choices unlimited liability limited liability dissolution mutual agencyarrow_forward
- What is the primary difference between the two methods for disaggregating ROE and how does each method inform the analysis of a company’s financial performance?arrow_forwardWhat types of transactions reduce owners equity? What types of transactions reduce retained earnings? What do they have in common?arrow_forwardA common disadvantage of a sole proprietorship is a) that the owner must share profits with others. b) double taxation of earnings. c) the limited life of the business. d) difficulty starting the business.arrow_forward
- Which of the following can be used to offset a passive loss? a.Dividend income from stock held as an investment b.Active income such as wages c.Pension income d.Passive income such as income from a limited partnershiparrow_forwardWhich of the following is true about this statement: "In a sole proprietorship, the owner's personal assets are at risk if the business is not successful." Is this true? a) No, personal assets are protected by sole proprietorship laws. b) Yes, there is no protection for personal assets with sole proprietorships. c) No, personal assets are only at risk with corporations. d) Yes, this is true for all forms of business.arrow_forward
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