Which Corporations Are Required to File a Schedule M-3

question 29

Multiple Choice

Which corporations are required to file a Schedule M-3?

• A)S corporations with assets of $10,000,000 or more
• B)C corporations with assets of $1,000,000 or more
• C)publicly held C corporations with assets of $5,000,000 or more
• D)C corporations with assets of $10,000,000 or more

---

Definitions:

Flexible Budget

A budget that adjusts or flexes with changes in the volume or activity level, allowing for better budgetary control under different operational circumstances.

Actual Activity

The real measure of activity achieved in a given period, such as units produced, machine hours, or labor hours.

Flexible Budget

A budget that adapts or changes according to fluctuations in activity levels or volume.

Fixed Costs

Costs that do not vary with the level of production or sales over a certain range, such as rent, salaries, and insurance.