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- 1. It refers to the capital of a corporation that cannot be withdrawn until final liquidation. 2. Those who compose the corporation whether shareholders or members or both. 3. This occurs when there is a change in the capital structure of the entity. 4. The residual interest of owners in the net assets of a corporation. 5. It is the earmarking of retained earnings for a certain purpose which may be legal, contractual or voluntary. choices:Which of the following has no affect on the Accumulated Adjustments Account (AAA) and stock basis of a shareholder of an 5 Corporation? Ordinary Income. Cost Of Goods Sold. O Long-Term Capital Gain. Repayment of loan by the S Corporation made by a shareholder.Limited liability refers to an owner's liability for which of the following? The amount invested in the entity II. The liabilities of the corporation that the owner has personally guaranteed III. All the outstanding liabilities of the corporation IV. Only the corporation's loans from financial institutions Oa. Statements I, II, and IV are correct. Ob. Only statement III is correct. Oc. Only statement I is correct. Od. Statements II and IV are correct. Oe. Statements I, II, III, and IV are correct.
- The purpose of Schedule M-1 on the corporate tax return is to: Reconcile accounting (book) income to taxable income. Summarize the dividends received deduction calculation. List the officers of the corporation and their compensation. Calculate the net operating loss deduction.I- Interest paid on preferred stock is deductible from gross income of the paying corporation.II- A capital expenditure usually benefits more than one accounting period and is deductible from gross income in the year it is paid or incurred.* True; true False; true true; false false; false Which of the following is true?* Payments which constitute bribes, kickbacks and others of similar nature which are necessary to realized profits are allowed as deductions from gross income. The taxes which are deductible from gross income include the taxes, interest and penalties incident to tax delinquency. Deductions are amounts allowed by the Tax Code to be deducted from gross income arrive at the income tax liability of a taxpayer. Losses from wagering transactions shall be allowed only up the extent of the gains from such transactions. Which statement is correct?* The compensation income of managerial or supervisory employees is subject to fringe benefit tax. The taxable fringe benefits…1. Which of the following is not an essential characteristic of a liability?a. Legal enforceabilityb. Present obligation to third partiesc. Involves future sacrifice of economic benefitsd. Past activity 2. An example of an item which is not a liability isa. The portion of a long termdebt due within one yearb. Estimated warranty costsc. Dividends payable common shares of the issuing corporationd. Customers’ deposits 3. Which of the following statements relating to the recognition of liabilities is falseI. Liabilities are recognized when obligations to transfer assets or provide services in the future are incurred in exchangesII. Liabilities arising from non-reciprocal transfers are recognized when the corresponding money, goods, or services are received.III. Mutually unexecuted contracts are generally not recognized as accounting liabilitiesa. I only c. I and II onlyb. II only d. I, II, and III 4. The following statements relate to liabilities. Which statement is true?I. Liabilities may…
- An individual provides accounting services to a corporation in exchange for stock. the shareholder must recognize income and the corporation may deduct or capitalize the expenditure as would be deemed appropriate. A. True B. FalseWhich of the following is a characteristic of a corporation?a. No income taxb. Limited liability of stockholdersc. Mutual agencyd. Both b and cWhich of the following is characteristic of liabilities ratherthan of equity? (More than one answer may be correct.)a. The obligation matures.b. Interest paid to the provider of the capital is deductiblein the determination of taxable income.c. The capital providers’ claims are residual in the eventof liquidation of the business. d. The capital providers normally have the right to exer-cise control over business operations.
- 1. Which of the following does not affect retained earnings? Choices; Actual payment/distribution of dividends. Board of directors’ decision relating to recapitalization. Adjustment of prior period’s profits Profit of a corporation during the period. 2. The following are characteristics of a corporation except Choices; It is an artificial being It has right of succession Unlimited Liability It is created by operation of lawWhich of the following characteristics of a corporation limits a stockholder's loss to the amount of his or her investment in the stock of the corporation? Question 7Answer a. Separate legal entity b. Separation of ownership and management c. Transferability of ownership d. Limited liabilityWhich of the following statements regarding losses is true? A. A personal net operating loss may be carried back but not forward to other tax years. B. A sole proprietor may deduct business losses against any form of income. C. In a regular corporation, entity level losses are passed through to the shareholders. D. In a S corporation, entity level losses are fully deductible by the shareholder under any circumstance.