Business/Professional Ethics Directors/Executives/Acct
8th Edition
ISBN: 9781337485913
Author: BROOKS
Publisher: Cengage
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Except for _________, losses from the sources listed below are not regarded as capital losses.
Business lossRental lossProfessional lossCapital loss
The losses from the following sources are considered non-capital loss except _________.
Business loss
Rental loss
Professional loss
Capital loss
In an S Corporation are the unit holders liable for business losses too?
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- 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_forwardWhich of the following is not deductible from business income? Group of answer choices Casual losses on properties connected in the conduct of trade or business Loss of business property due to embezzlement Loss on exchange of capital assets NOLCOarrow_forward
- A 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_forwardWhich 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
- 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_forwardHow can the separate entity concept benefit the owner and the businessarrow_forward46. The allocation of owner's private expenses to his/her business violates which of the following? A.O Accrual concept B.Matching concept C.Separate business entity concept D.Consistency conceptarrow_forward
- What are the possible actions when a business becomes insolvent?arrow_forwardTwo disadvantages of a proprietorship are (1) the relative difficulty ofraising new capital and (2) the owner's unlimited personal liability forthe business' debts.a.Trueb.Falsearrow_forwardReact to this statement and cite an example “Whether or not it actually makesprofits is immaterial. An entity is still a business if it is objective is to make profit.arrow_forward
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