ACC 497 Final Exam - Assignment

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D. The Standard Incorporation Act 2. Which of the following statements is true? A. The exchange of stock for services rendered is not a taxable transaction. B. The repeal of Sec. 351 would result in more existing businesses being incorporated. C. Section 351 was enacted to allow taxpayers to incorporate without incurring adverse tax consequences. D. Section 351 is an example of a negative aspect of the corporate form of business organization. 3. Which of the following statements is true? A. Formation of a partnership requires legal documentation. B. An individual engaged in the active conduct of a business must elect not to be taxed as a partnership. C. If two people (or business entities) work together to carry on any business or financial operation with the intention of making a profit and sharing that profit as co-owners, a partnership exists for federal income tax purposes. D. The partnership form of business creates double-taxation because individual partners are taxed, and the partnership is also taxed as a separate legal entity. Want to download the Final Exam answers..?? Click ACC 497 Final Exam BUSINESS ENVIRONMENT AND CONCEPTS Section 2: Economic Concepts Essential to Obtaining an Understanding of an Entity's Business and Industry 4. What effect would a decrease in interest rates by the Federal Reserve most likely have in the nation’s manufacturing sector, all other factors remaining constant? A. An increase in both production and employment B. A decrease in both production and employment C. An increase in production but a decrease in employment D. A decrease in production, but an increase in employment
5. A table that shows the relationship between the price of a good and the quantity demanded of that good is called A. a price-quantity table B. a complementary table C. a demand schedule D. an equilibrium schedule 6. If policymakers increase aggregate demand, the price level A. falls, but unemployment rises B. and unemployment fall C. and unemployment rise D. rises, but unemployment falls BUSINESS ENVIRONMENT AND CONCEPTS Section 3: Financial Management 7. Which table would show the largest factor for an interest rate of 8% for five periods? A. Future value of an ordinary annuity of 1 B. Present value of an ordinary annuity of 1 C. Future value of an annuity due of 1 D. Present value of an annuity due of 1 8. Financial service A. is concerned with the duties of the financial manager B. involves the design and delivery of advice and financial products C. provides guidelines for the efficient operation of the business D. handles accounting activities related to data processing To download the Complete Final Exam answers of Class ACC 497 Check ACC 497 Complete Final Exam Answers 9. As the interest rate increases for any given period, the future value interest factor will A. decrease
Page 1: ACC 497 Final Exam Assignment BUSIN
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ACC 497 Final Exam - Assignment

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