As People Get Older,their Job Performance Decreases

question 72

True/False

As people get older,their job performance decreases.

Distinguish between the taxation models of Subchapter S corporations and partnerships.

Learn about corporate distribution rules and types, including dividend distributions.

Understand the requirements, benefits, and limitations of electing to be taxed as a Subchapter S corporation including shareholder and income restrictions.

Understand how charitable contributions impact taxable income and possible carryforwards for corporations.

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Definitions:

Plant Assets

Tangible assets used in a company's operations that have a useful life of more than one year.

Notes Payable

A written agreement to pay a specified amount, usually including interest, by a certain date.

Direct Method

A way of preparing a cash flow statement where actual cash flows from operating activities are listed directly.

Statement Of Cash Flows

A financial report that provides aggregate data regarding all cash inflows and outflows a company receives from its ongoing operations, investment, and financial activities.