2010 Business Released MC Questions

2010 Business Released MC Questions - 2010 AICPA Newly...

Info iconThis preview shows pages 1–7. Sign up to view the full content.

View Full Document Right Arrow Icon
2010 AICPA Newly Released Questions – Business 1 © 2010 DeVry/Becker Educational Development Corp. All rights reserved. Following are multiple choice questions recently released by the AICPA. These questions were released by the AICPA with letter answers only. Our editorial board is currently working on providing detailed explanations for these questions, so please check back to the Becker Knowledgebase soon for the updated file. Please note that the AICPA generally releases questions that it does NOT intend to use again. These questions and content may or may not be representative of questions you may see on any upcoming exams.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2010 AICPA Newly Released Questions – Business 2 © 2010 DeVry/Becker Educational Development Corp. All rights reserved. 1. CPA- Under the Revised Uniform Limited Partnership Act, which of the following is true regarding limited partnerships? a. A limited partnership has no general partners. b. General partnerships may not be converted to limited liability partnerships because they must be terminated first. c. The limited partners may not participate in the management of the company. d. Official formation is not necessary for a limited partnership other than two or more people carrying on as co-owners of a business for profit. Explanation Choice "c" is correct.
Background image of page 2
2010 AICPA Newly Released Questions – Business 3 © 2010 DeVry/Becker Educational Development Corp. All rights reserved. 2. CPA- Terry recently started a new business and is trying to decide what type of entity to form. Terry is part owner and is active in running the business. What type of entity would best protect Terry, as one of the owners, from personal liability? a. General partnership. b. Limited partnership. c. Joint venture. d. Limited liability company. Explanation Choice "d" is correct.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2010 AICPA Newly Released Questions – Business 4 © 2010 DeVry/Becker Educational Development Corp. All rights reserved. 3. CPA- Which of the following is a characteristic of a C corporation? a. Includes most privately held businesses. b. Pays taxes on profits after paying dividends to shareholders. c. Subject to double taxation on profits if dividends are paid. d. Must have only one class of stock. Explanation Choice "c" is correct.
Background image of page 4
2010 AICPA Newly Released Questions – Business 5 © 2010 DeVry/Becker Educational Development Corp. All rights reserved. 4. CPA- Which of the following is considered a corporate equity security? a. A shareholder's preemptive right. b. A shareholder's appraisal right. c. A callable bond. d. A share of callable preferred stock. Explanation Choice "d" is correct.
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2010 AICPA Newly Released Questions – Business 6 © 2010 DeVry/Becker Educational Development Corp. All rights reserved. 5.
Background image of page 6
Image of page 7
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 53

2010 Business Released MC Questions - 2010 AICPA Newly...

This preview shows document pages 1 - 7. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online