Which of the following is a characteristic of limited liability companies (LLCs)?
A) They are made to pay an annual franchise tax in many states.
B) They are subject to double taxation.
C) They are required to hold timely board meetings.
D) They are required to produce a larger amount of paperwork than corporations.
Question 2 - When compared to partnerships and corporations, sole proprietorships account for ____ percent of total annual sales.
A) 34
B) 16
C) 9
D) 4
E) 2
Question 3 - Ridgley, Cooper, and Ross (RCR)
Katie is the CEO of Ridgley, Cooper, and Ross (RCR), a regional accounting firm. RCR offers services in most areas of accounting, including auditing and consulting services. The firm must follow the GAAP rules, just like any other accounting firm. If there are information gaps that are not addressed and resolved by the firm, RCR could be considered a violator of the Sarbanes-Oxley Act. Katie understands what must be done and wants every employee of the firm to understand that they have to follow all the rules and regulations. Like any other industry, accounting is a competitive industry and employees of accounting firms must be productive, progressive, and well trained.
Refer to Ridgley, Cooper, and Ross. One of RCR's clients is ABC Electronics. RCR develops ABC Electronics' statements and reports for ABC's stockholders, financial analysts, and bankers. These services can be classified as which of the following?
A) Non-accounting services
B) Tax accounting
C) Financial accounting
D) Managerial accounting
E) Cost accounting
Question 4 - Managers who use performance appraisals in which they judge or estimate the employee's performance level and rank employees on a scale are called
A) judgmental methods.
B) subjective methods.
C) performance appraisals.
D) objective methods.
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