Unincorporated business - Study guides, Revision notes & Summaries

Proprietorship correct answers Oldest/Simplest Form of Business -Unincorporated Business owned by One Person or Husband and Wife -Default Setting Advantages to Proprietorship correct answers -Easy to maintain -One owner -No Registration with the Government -Profits are Exclusive to Owner (Must withhold Self-Employment Taxes) Disadvantages to Proprietorship correct answers -Personally Liable(Debts and Liabilities) -Limited Financing Options -Difficult to attract long-term Employees ...

Test Bank for Advanced Financial Accounting 13th Edition By Theodore Christensen, Complete All Chapters 1-20 | Newest Version. Chapter 1 Intercorporate Acquisitions and Investments in Other Entities 1) Assuming no impairment in value prior to transfer, assets transferred by a parent company to another entity it has created should be recorded by the newly created entity at the assets': A) cost to the parent company. B) book value on the parent company's books at the date of transfer. C) fa...

Sarbanes-Oxley Act Correct Answer A law passed by Congress that requires the CEO and CFO to certify that their firm's financial statements are accurate Proprietorship Correct Answer An unincorporated business owned by one individual Partnership Correct Answer An unincorporated business owned by two or more persons Corporation Correct Answer A legal entity created by a state, separate and distinct from its owners and managers, having unlimited life, easy transferability of ownership, an...

Insurance - transfer of risk Speculative risk - has a possibility of both loss and gain Pure risk - only has a possibility of loss (no gain) Exposure - risks for which an insurance company would be liable expressed in units Peril - cause of a loss Hazard - an increase in the chance of loss Moral hazard - arise from people's character (faking a loss) Morale hazard - state of mind or careless attitude (accidentally leaving door unlocked) Methods of handling risk - STARR...

Principal of Indemnity insured's property should be restored to it's previous state, no better no worse, insured cannot profit from the loss indemnification compensation for loss Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brainpower Read More legal contracts must have: agreement, consideration, competent parties, legal purpose 6 special characteristics of insurance contracts personal adhesion utmost good ...

Maine Real Estate 1 - 6 Written Exam Rated A+. Fred wants to put an addition on his hunting camp located in an unorganized township in Maine. He must apply to ________ fora building permit - correct answer (LUPC) Land Use Planning Committee An employer is responsible for directing a(n)______________as to both what is to be done and how it is to be done. - correct answer Employee Real estate licensees are almost always___________ ______________with their company;they sign an Independent Co...

Advanced Financial Accounting - CHAPTER 1 Study Guide Spin-Off - answeroccurs when the ownership of a newly created or existing subsidiary is distributed to the parent's stockholders without the stockholders surrendering any of their stock in the parent company. - Thus, the company divests itself of the subsidiary because it is owned by the company's shareholders after the spin-off. Split-Off - answerThus, the company divests itself of the subsidiary because it is owned by the company...

Maine Real Estate Exam An employer is responsible for direction a ( ) as to both what is to be done and how it is to be done - correct answer employee Real estate licensees are almost always ( ) with their company - correct answer independent contractors Every real estate brokerage should adopt a ( ) that identifies and describes the types of real estate brokerage relationships in which the broke and affiliated licenses may engage - correct answer written company poilicy license laws a...

Solution Manual for Financial Accounting 11th Edition Robert Libby, Patricia Libby, Frank Hodge. SOLUTION MANUAL FOR Financial Accounting 11th Edition Robert Libby, Patricia Libby, Frank Hodge Chapter 1-13 With Appendix A Solution Manual & MBA Supplement Solutions Manual Chapter 1 Financial Statements and Business Decisions ANSWERS TO QUESTIONS 1. Accounting is a system that collects and processes (analyzes, measures, and records) financial information about an organization and reports...

TEST BANK for Canadian Income Taxation Planning and Decision Making, 25th Edition by William Buckwold, Joan Kitunen, Matthew Roman, Abraham Iqbal, ISBN-7. All Chapters 1-23. (Complete Download) Version 1 1 CHAPTER 1 1) Which of the following is not considered to be a separate entity for tax purposes in Canada? A) An individual B) A proprietorship C) A corporation D) A trust 2) Which of the following attitudes and actions is most likely to help decision-makers develop an efficient app...