True or False
41Double taxation means that corporate earnings are taxed at the corporate level and a second time when distributed to the shareholders as dividends
______
42A stock split increases total stockholders' equity.
______
43 A company that owns less than 20% of another company's stock must use the consolidation method of accounting.
______
44 Goodwill arises when a parent company must pay more to acquire a subsidiary company than the market value of the subsidiary's net assets.
______
45 U.S. GAAP has been universally accepted for use as an international accounting standard.
______
46 A decrease in foreign currency value relative to the U.S. dollar between the date of purchase and date of payment will create an exchange gain.
______
47 Companies generally use an accelerated method to compute depreciation for tax purposes and the straight-line method to compute depreciation for the financial statements.
______
48 The Securities Exchange Act of 1934 requires companies that issue their stock publicly
to file audited financial statements with the SEC.
______
49 The most common difference between accounting income and taxable income is when a corporation uses straight-line depreciation in its financial statements and accelerated depreciation in its tax return.
______
50 When the financial statements are in accordance with GAAP, the auditor issues an unqualified opinion.
_______
41Double taxation means that corporate earnings are taxed at the corporate level and a second time when distributed to the shareholders as dividends
______
42A stock split increases total stockholders' equity.
______
43 A company that owns less than 20% of another company's stock must use the consolidation method of accounting.
______
44 Goodwill arises when a parent company must pay more to acquire a subsidiary company than the market value of the subsidiary's net assets.
______
45 U.S. GAAP has been universally accepted for use as an international accounting standard.
______
46 A decrease in foreign currency value relative to the U.S. dollar between the date of purchase and date of payment will create an exchange gain.
______
47 Companies generally use an accelerated method to compute depreciation for tax purposes and the straight-line method to compute depreciation for the financial statements.
______
48 The Securities Exchange Act of 1934 requires companies that issue their stock publicly
to file audited financial statements with the SEC.
______
49 The most common difference between accounting income and taxable income is when a corporation uses straight-line depreciation in its financial statements and accelerated depreciation in its tax return.
______
50 When the financial statements are in accordance with GAAP, the auditor issues an unqualified opinion.
_______