It is a form of organization; its purpose is to gain for producers or consumers the profits or savings which would otherwise accrue to middlemen. Its income is periodically distributed to members in the form of patronage refund

It is a form of organization; its purpose is to gain for producers or consumers the profits or savings which would otherwise accrue to middlemen. Its income is periodically distributed to members in the form of patronage refund

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter4: Additional Income And The Qualified Business Income Deduction

Section: Chapter Questions

Problem 20MCQ

See similar textbooks

Related questions

Q: What are some ways a board can train their employees to be effective in its financial decision…

A: It is important that employees view the goal of the company in the same way as the board would view…

Q: Which one of the following statements is TRUE? O a. An example of an agency relationship is when a…

A: When a principal appoints an agent to carry out duties with the assumption that the agent will work…

Q: A board sets aside resources to earn investment income to support general operations. Would the…

A: In most cases, the money that has been set aside by the Board with the intention of producing…

Q: Which statement below best describes a profit center?a. The authority to make decisions affecting…

A: Answer c. The authority to make decisions over the most significant costs of operations, including…

Q: Do not provide AI Content.

A: The question is asking about the main objective of performance measurement in public sector…

Q: Types of decisions that managers make include all of the following except: a.choosing which…

A: Types of Decision Making – 4 Types of Decisions that are Usually Taken by Managers in the…

Q: Shareholder activism means a) Shareholders require the company to exercise corporate social…

A: Shareholder activism means that the shareholder can influence a comlany behavior by excerising their…

Q: In the European states, promotion of a company’s stakeholders’ welfare is considered the main goal…

A: The goal of financial management is to maximize shareholder wealth so the option is true.

Q: The manager of a profit center is responsible for which of the following? (i) Revenues of the…

A: Responsibility center is that center or division which is responsible for activities in that…

Q: 1) Which of the following is not true? A) A not-for-profit entity operates for purposes other than…

A: A not-for-profit entity does not possess ownership interest like a corporation.

Q: Which of the following statements about corporate social responsibility (CSR) is false? O a. CSR…

A: The false statement about CSR is: d. CSR activities may include waste and pollution minimization but…

Question

It is a form of organization; its
purpose is to gain for producers or
consumers the profits or savings
which would otherwise accrue to
middlemen. Its income is periodically
distributed to members in the form of
patronage refund
O A. Partnership
B. Corporation
O c. Cooperative
D. Sole proprietorship

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

For-profit vs Not-for-profit organizations

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The principle of equity I. Is the principle behind a cooperative s interest on share capital Il. Is one which states that net surplus is not a profit but as excess of payments made by the members for the Loans borrowed, or the goods and services bought by them from the cooperative and Ill. Is one where an equal right of members to participate in the organization and to equitably share in the benefits accruing is established. A. I, II and IIIB. I and IIIC. I and IID. I only
A difference in reporting on the balance sheet for a for profit business and a Not-for-profit entity is that current assets and current liabilities are reported in the for-profit sector and the parallel accounts in not for profit are found in: a.Net assets b.Donations c.Deferred accounts d.Fund accounts
Association of two or more persons to carry on, as co-owners, a business for profit is known as: a. Limited liability Partnership. b. Proprietorship firm. c. Parent company. d. Corporation.
Multiple choice: All of the following are forms of business organizations except: A. proprietorship B. partnership C. corporation D. governmental unit 2. An entity where ownership is divided into shares of stock is a: A. proprietorship B. trade agreement C. corporation D. mutual agency
Godo
Directions: Fill in the exact and necessary information.
Q: Compare the characteristics of organizational and legal forms of enterprises: Criteria The organizational and legal form Individual entrepreneur Economic partnership (LLC) Economic society (JSC) Simplicity of the creation Control over the activities Liability of the owners Investment Liquidity* Period of existence
Which type of financial structure primarily involves one person owning a business? Group of answer choices Partnership Corporations Sole Proprietorship Limited Partnership
Compare and contrast the forms of business organization. Sole/Single Proprietorship Partnership Corporation Cooperatives
ASAP
Which of the following organization forms accounts for the greatest number of firms? O A. Limited partnership OB. Sole proprietorship O C. "C" corporation O D. "S" corporation
Calculate the following for the Corporation that is receiving the properties/services FMV of property received Adjusted basis of property received Applicable basis code section Realized gain (income) on property Recognized gain (income) on property Gain (income) deferred, if present