Which of the Following Statements Is Correct,assuming That an Extension

question 116

Multiple Choice

Which of the following statements is correct,assuming that an extension is not requested?

• A)A partnership must file Form 1065 no later than the 15th day of the third month after the close of the partnership's tax year.
• B)A partnership must file Form 1120 no later than the 15th day of the fourth month after the close of the partnership's tax year.
• C)A partnership must file Form 1065 no later than the 15th day of the fourth month after the close of the partnership's tax year.
• D)Partnerships must file Schedule K-1 to show how income is allocated to partners no later than the 15th day after the close of the partnership's tax year.

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Definitions:

Plantwide Factory Overhead Rate

A single overhead absorption rate used throughout a manufacturing facility to allocate indirect costs to products.

Overhead

Overhead refers to ongoing business expenses not directly attributed to the production of goods or services, such as rent, utilities, and administrative costs.

Production Department

The division of a business focused on the creation and manufacture of goods.

Manufacturing Processes

A series of steps or operations used to transform raw materials into finished goods through physical, chemical, or mechanical measures.