Which one of the following is least likely an advantage associated with a wholly owned foreign subsidiary?
(A)Protection of proprietary information.
(B)Ability to coordinate activities of the subsidiary with other activities.
(C)Ability to maintain quality control.
(D)Minimizes capital investment required.
Jenny's Bakery recently delivered a bad batch of cakes to a local restaurant. Jenny quickly refunded the cost of the cakes to the restaurant. Her accountant made a _____ to her Refunds of Sales account for this transaction:
(A)note (B)debit (C)credit (D)cost adjustment (E)deposit
Correct Answer: B
When capital is increased in the double-entry method of accounting, the result is: Mark one answer:
(A)A credit (B)A debit (C)It is dependent on the situation (D)There is not enough information to determine the answer. (E)None of the above
Correct Answer: A
When can I take the CPA Exam
The CPA Exam is offered four times each year: January 1 – March 10, April 1 – June 10, July 1 – September 10 and October 1 – December 10.
More CPA Exam Questions
- 1In the current year, Fitz, a single taxpayer, sustained a $48,000 loss on Code Sec. 1244 stock in JJJ Corp., a qualifying small business corporation, and a $20,000 loss on Code Sec. 1244 stock in MMM Corp., another qualifying small business corporation. What is the maximum amount of loss that Fitz can deduct for the current year?
- 2What are the CPA Exam Blueprints?
- 3Which of the following transactions have a negative impact on cash? Mark one answer:
- 4If an exempt organization is a corporation, the tax on unrelated business taxable income is
- 5Jim's Jeans decided to shut down their Jimmy Jean Division. Where on the income statement would this closing be addressed? Mark one answer: