Which of the Following Is Considered to Be an Example

question 18

Multiple Choice

Which of the following is considered to be an example of good corporate governance according to the ASX principles?

• A) The appointment of a board of directors consisting of the company CEO, three company executives and one independent director.
• B) The appointment of an audit committee consisting of the audit partner and an independent auditor, and the company CEO and one company director.
• C) A board of directors that has intimate knowledge of the company's activities since their appointment 10 years ago when the company was formed.
• D) Rotating the lead external audit partner every five years.

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Definitions:

Head of Household

A filing status for tax purposes that provides higher standard deductions and lower tax rates for individuals who are unmarried and support dependents.

Taxable Income

The amount of income that is used to calculate an individual's or a company's income tax due. It is the gross income minus deductions and exemptions allowed by the tax code.

Adjusted Gross Income (AGI)

The total gross income minus specific deductions defined by the IRS, used to determine taxable income.

Qualifying Relative

A term used in tax law to describe someone who doesn’t have to live with the taxpayer all year but must meet certain financial support and income criteria to be claimed as a dependent.