5. CPA Ela Santos performs the audit of the local symphony society. Because of her good work, was elected an honorary member of the board of directors. Ela will be considered independent unless A C D Yes Yes Yes Yes The position is in fact purely honorary. Listings of directors show she is an honorary director. She restricts participation strictly to the use of her name. She does not vote or participate in management functions. No Yes Yes No Yes No Yes No Yes Yes Yes Yes

Mrs.​ Hubbard, a mother of​ two, has been selected for an audit. Advise her on what to do to prepare for the audit and what to do if the audit does not turn out favorably.       Question content area bottom Part 1 To prepare for the​ audit: ​(Select all that​ apply.)     A. Mrs. Hubbard should hire an accountant or tax​ attorney, if necessary.   B. Mrs. Hubbard should anticipate probable questions and develop responses.   C. Mrs. Hubbard should gather all supporting documents.   D. Mrs. Hubbard should reexamine the areas where the IRS raised questions.

Which of the following is NOT true about managing nonprofit corporations? Multiple Choice They are managed under the direction of a board of directors. They must have at least three directors. The directors generally serve for one year unless stated otherwise in the articles. An individual director may transact business on behalf of the nonprofit corporation.

You need to go the office of DTI if you will register your corporation. true or false? Registering your business trade name is done in the office of SEC C. Mayor’s Office DTI D. Philhealth Office Which of the following is not a benefit of record keeping? It will not help in managing potential risks. It will measure profit and performance. It will protect the rights of the owner. It will not let you know how much you are earning.