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51The manufacturing and processing deduction allows manufacturing and processing businesses

Question : 51The manufacturing and processing deduction allows manufacturing and processing businesses : 1405483

 

 

51The manufacturing and processing deduction allows manufacturing and processing businesses a 7 percent reduction from the effective general federal tax rate in 2001.
Answer: 

True
False

 

52Capital cost allowance is simply the tax version of amortization.
Answer: 

True
False

 

53The Canada Customs and Revenue Agency provides businesses with a table of CCA rates used to amortize fixed assets for tax purposes.
Answer: 

True
False

 

54The Canadian Institute of Chartered Accountants, part of the Accounting Standards Board, is the accounting profession's rule-setting body that authorizes accounting practices and principles. 
Answer: 
True

False

 

55Unlike the United States, in Canada public corporations have no obligation to report their financial results through an annual report to shareholders.
Answer: 
True

False

 

56The more risky an investment, the greater the investor's expected return and the greater the probability of less than desireable results.
Answer: 

True
False

 

57A benefit of holding cash is the liquidity it gives the firm.
Answer: 

True
False

 

MULTIPLE CHOICE.  Choose the one alternative that best completes the statement or answers the question.

58One of the most influential documents issued by a publicly held corporation is the
Acash flow statement.
Bletter to stockholders.

Cannual report.
Dincome statement.

 

59The rule-setting body, which authorizes generally accepted accounting principles is the
AGAAP.
BGovernment of Canada.

CAcSB.
DTSX.

 

60Accounting practices and procedures used to prepare financial statements are called
ACICA.
BGAAP.
CAcSB.
DCCRA.

 

 

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