An associated person of a broker-dealer may only share directly or indirectly in the profit or losses in a customer account if certainconditions are met. Which of these conditions do not apply in the case of an account shared with an immediate family member?A The associated person must obtain prior written approval from the broker-dealerBCDThe associated person must obtain prior written approval from the customerThe associated person must share in the profit and losses in direct proportion to financial contributions made by the associated personNone of these conditions apply in the case of an immediate family member

An associated person of a broker- dealer may only share directly or indirectly in the profit or loss…

Answered: An associated person of a broker-dealer…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Vicarious performance is where a. a third party performs an obligation in place of another person who is ultmately liable for a proper performance b. an employee performs an obligation inplace of another employee and the performing employee is liable for proper performance c. parties to a contract enter into another agreement that has the effect of transferring the liability to perform to a third party d. an employer performs an obligation in place of its employee and is liable for proper performance e. parties to a contract agree to terminate a contract and substitute a new contract in place of the old one.
A benefit of a sole proprietorship is that liability is limited to that of the business financial and assets not the personal assets of the owner/proprietor. true or false
An individual provides accounting services to a corporation in exchange for stock. the shareholder must recognize income and the corporation may deduct or capitalize the expenditure as would be deemed appropriate. A. True B. False
Pretzel acts as a sponsor in creating a special purpose entity (SPE) that will purchase Accounts Receivable from Pretzel. Under what circumstances will Pretzel be required to treat the SPE as a variable interest entity and consolidate it as its primary beneficiary . a. Pretzel is not entitled to any profits that the SPE earns b. Pretzel agrees to reimburse SPE shareholders in the event the SPE has losses. c. Pretzel receives money from SPE for the fair value of assets that Pretzel sells to it d. Pretzel has no voting rights or ability to direct SPE activities e. The SPE has stockholders equity equal to 20% of SPE assets choose one
Statement I: If an agent acts in his name, the principal shall have a right of action against the persons with whom the agent has contracted. Statement II: Should there be a stipulation that the agent shall advance the necessary funds, he shall be bound to do so even if the principal is insolvent. Only Statement I is true. Only Statement II is true. Both statements are true. Both statements are false.
Which of the following amounts paid by an employer to an employee is not subject to withholding? Oa. Salary Ob. Travel expense reimbursements from an accountable plan Oc. Commissions UE Od. Bonus Oe. All of these choices are subject to withholding.
Owners have no personal liability under which legal business structure?
1. Which of the following is not taxable income? a.Interest b.Hobby income c.Child support payments d.Royalties e.Dividends 2. Generally, for an activity to be treated as a trade or business, which of the following is required: a.No more than intermittent effort toward the activity b.Regular and continual effort designed to seek profit c.Always generate a profit d.Organization as a corporation or partnership 3. To be deductible as the cost of special work clothing or uniforms: a.The clothing need not be required as a condition of the job, but must not be suitable for everyday use. b.The clothing must be required as a condition of the job, but can also be suitable for everyday use. c.The clothing must not be suitable for everyday use and must be required as a condition of the job. d.Only the cost of the clothing is included; upkeep is not deductible.
Which of the following is not a required disclosure under PAS? * Relationships between parents and subsidiaries Related party transactions (in the separate financial statements) Related party transactions (in the consolidated financial statements) Key management personnel compensation
A covered member creates a blind trust and transfers assets into the blind trust. The covered member will not supervise or participate in the trust’s investment decisions during the term of the trust. if the covered member retains the right to amend or revoke the trust, Will the trust and the underlying assets be considered the covered member’s direct financial interests? Yes or No
Describe the difference between a right of first refusal, an option agreement and a buy-sell agreement. Which type of transfer restriction can guarantee a buyer for a shareholder's investment in the event of death, retirement or disability?
Assets are creditors claims on assets. These claims reflect company obligations to provide assets, products or services to others True B False

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