what companies can and cannot do, as well as certain things they must do. Law is a broad discipline with several fields that serve important functions. Just like individuals, businesses are responsible for paying taxes on income that they earn, and tax law determines how businesses pay taxes to the government. The Internal Revenue Service lets business owners choose from one of several business structures that affect taxation. The antitrust law is designed to promote business competition by curbing
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1) Which of the following (according to Charles Fombrum) is not one of the four determinants that influence a company's reputation? a. Credibility. b. Reliability. c. Profitability. d. Responsibility. 2) The 5 E's of the accounting profession in Texas are Ethics, Enthusiasm, Education, Examination and Experience. a. True b. False 3) The P in CPA stands for Public? a. True b. False 4) The difference between what the
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There are three different types of government: Unitary Federal I. Unitary Government The unitary government as one can tell from the above figure is a centralized government. It is a government in which all powers held by the government belong to a single, central agency. The central government creates local units of government for its own convenience. Most of the governments in the world are unitary. One single central organ is Parliament it holds all the power of the government. Local
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for research and analysis in accounting or taxation should primarily address the identification, organization, and integration of diverse sources of information such as authoritative literature and pronouncements, to reach a conclusion or make a decision; and should analyze accounting and taxation issues by reviewing information, using empirical data and analytical methods, recognizing data in patterned activities, forecasting, and integrating data. CPAs may be asked to conduct research and analysis
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TX1 Basic Concept Tax policy Branch o the department of finance: responsible for the development and evaluation of federal taxation policies and legislation. Canada Revenue Agency: actual collection of taxes and interpretation of tax law Tax payable by persons resident in Canada: An income tax shall be paid … on the taxable income for each taxation year of every person resident in Canada at any time in the year. Persons: including corporations and anybody representing such persons
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Accounting an information system that measures, processes, and communicates financial information about an economic entity. Accounting is the link between business activities and decision makers. Data about business activities are the input to the accounting system. The output is the useful information for decision makers. Business goals, activities, and performance measures Business an economic unit that aims to sell goods and services to customers at prices that will provide an adequate
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structures are available to assist business owners with the organization of their business. These legal structures make provisions for the business’ liability, income taxes, continuity, control, profit retention, and regulatory requirements. Each organizational structure differs and possesses advantages and disadvantages. The first important decision that a business owner will make is selecting an organizational structure that will capitalize advantages and curtail disadvantages for their business. Legal
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1. P. Kemezis and W Clasgall, 'ATexas Wildcatter Cashes in on French Oil," Busrhess W-eek,'tsllay' ' 1985, 106-10i. 2. The dominant companies in the oil and gas industry include such firms as ExxonMobil and ConocoPhillips. These firms are often referred to as the "majors' or simply as "Big Oil." 207 208 !': $1 iil {r i. $- :..1 sEcTtoNTHREE INTERNALCournollssuas of oil and gas exploration by employing a rough-andtumble business strategy. Lee recognized
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Law 494 Part 1 Shlensky v. Wrigley Facts: William Shlensky (plaintiff/appellant), minority stock holder for the Chicago Cubs baseball team sued the team directors who deferred the case to Phillip Wrigley (defendant/appellee) stating mismanagement and negligence because of the refusal of the directors in installing lights at Wrigley Field, home field for the Chicago Cubs. Procedural History: Plaintiff original case was lost at trial and plaintiff appealed. Issue: The issue
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Financial Institutions Center Derivatives and Corporate Risk Management: Participation and Volume Decisions in the Insurance Industry by J. David Cummins Richard D. Phillips Stephen D. Smith 98-19 THE WHARTON FINANCIAL INSTITUTIONS CENTER The Wharton Financial Institutions Center provides a multi-disciplinary research approach to the problems and opportunities facing the financial services industry in its search for competitive excellence. The Center's research focuses on the issues related
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