Managerial Accounting Acct 505
These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. | Date Taken: | 8/3/2013 | Time Spent: | 24 min , 43 secs | Points Received: | 90 / 100 (90%) | | Question Type: | # Of Questions: | # Correct: | Multiple Choice | 10 | 9 | | |
Grade Details - All Questions |
1. | Question : | (TCO A) Which of the following statements is CORRECT? | | | Student Answer: | | One of the disadvantages of incorporating a business is that the owners then become subject to liabilities in the event the firm goes bankrupt. | | | | Sole proprietorships are subject to more regulations than corporations. | | | | In any type of partnership, every partner has the same rights, privileges, and liability exposure as every other partner. | | | | Sole proprietorships and partnerships generally have a tax advantage over many corporations, especially large ones. | | | | Corporations of all types are subject to the corporate income tax. | | Instructor Explanation: | Chapter 1Explanation: Ch 1: d is correct, all others are incorrecta: incorporating provides owners limited liabilityb: sole proprietorship has less regulation than corporationc: In limited partnerships certain partners can be designated general partners and others limited partners with differences in control and liabilityd. sole proprietorships and partnerships are taxed just once at owner level (pass-through of income to owners) whereas corporation earnings can be double or triple taxed depending on individual or corporate ownership of stocke. S-corps can elect to be taxed as proprietorship or partnership | | | | Points Received: | 10 of 10 | | Comments: | | | | 2. | Question : | (TCO G) A security analyst obtained the following information from Prestopino Products’ financial statements:
• Retained earnings at the end of 2009 were
Grade Details - All Questions |
1. | Question : | (TCO A) Which of the following statements is CORRECT? | | | Student Answer: | | One of the disadvantages of incorporating a business is that the owners then become subject to liabilities in the event the firm goes bankrupt. | | | | Sole proprietorships are subject to more regulations than corporations. | | | | In any type of partnership, every partner has the same rights, privileges, and liability exposure as every other partner. | | | | Sole proprietorships and partnerships generally have a tax advantage over many corporations, especially large ones. | | | | Corporations of all types are subject to the corporate income tax. | | Instructor Explanation: | Chapter 1Explanation: Ch 1: d is correct, all others are incorrecta: incorporating provides owners limited liabilityb: sole proprietorship has less regulation than corporationc: In limited partnerships certain partners can be designated general partners and others limited partners with differences in control and liabilityd. sole proprietorships and partnerships are taxed just once at owner level (pass-through of income to owners) whereas corporation earnings can be double or triple taxed depending on individual or corporate ownership of stocke. S-corps can elect to be taxed as proprietorship or partnership | | | | Points Received: | 10 of 10 | | Comments: | | | | 2. | Question : | (TCO G) A security analyst obtained the following information from Prestopino Products’ financial statements:
• Retained earnings at the end of 2009 were