Is a flat tax a proportional tax? a. Yes c. It depends on the level of income. b. No d. Only if it adds value to the products at each stage of production.

Normally, grant money is treated as gift aid that does not need to be paid back. Which of the following events would require a student to pay back the amount received as grant? A. if the student wins a lottery B.

Of each dollar a consumer spends on food how much does the farmer receive?

What is the major advantage of an LLP? a. It limits the personal liability of partners to only their own wrongful acts. b. It increases the liability of the partners. c. It allows the partnership to be taxed as a corporation.

A cell phone manufacturing firm produced 1,000 cell phones a day but believed that it could reasonably top up production to 2,000 cell phones a day.

Which of the following describes a positive externality? Select one: a. You buy a new jacket you really enjoy b. The government imposes a tax on cigarettes in order to discourage smoking among teenagers. c.

In the context of foreign direct investment, a joint venture involves the merger of companies.

Classify the following changes in each of the accounts as either an outflow or an inflow of cash. During the year (a) marketable securities increased, (b) land and buildings decreased, (c) accounts payable increased, (d) vehicles decreased, (e)

In 2013, teller company sold 3,000 units at $400 each. variable expenses were $280 per unit, and fixed expenses were $160,000. what was teller's 2013 net income?

A project that provides annual cash flows of $24,000 for 9 years costs $110,000 today. Under the IRR decision rule, is this a good project if the required return is 8 percent?

Which of the following groups has the responsibility for identifying and deciding the appropriate accounting treatment for recording or disclosing contingent liabilities? A) Auditors B) Legal counsel C) Management D) Management and the auditors