Chapter 17 DQs
7. Double taxation occurs in C-Corps because the corporation pays taxes on its income, and then
the distributed dividends are also taxed on the individuals taxes as income as well. Certain
qualified dividends are ideal and include dividends
a. The purpose of a conceptual framework is to create a system of objectives and
fundamentals that can lead to consistent standards and that describes the nature,
function, and limits of financial accounting and financial sta
A. Managerial accounting is more concerned with operational reports, which are made and
used within the company. There are no accounting standards that required to be
DQs Wk 6
1. What is change?
Change happens when new information surfaces or a unique event occurs. It is
also something that can be physically done to adapt to the new information or
2.Why is change initiated?
Change is initiated because
Chapter 3 & 16 DQs
1. Knowledge of cost behavior is important for managerial accountants because
cutting costs is one way to use resources more efficiently and its an important
2. If the time horizon is long, its a fixed cost because its fixe
Chapter 17 Homework
1. The contract was signed April 15, therefore on that day the contract came into
2. Cass performance obligations include to sell $50,000 of goods to be delivered on
3. The transaction price is $50,000.
Certify your work on Test #2 for ACC 240:
Take a few minutes to reflect on your work with this test. Then, write two responses: (1) Describe how you completed the
test, describe your process.