After a successful five years, Double Z, LLC (a retirement ranch for race horses) thinks it may be able to attract donations from animal activist groups and even the federal government if it becomes a not-for-profit corporation
Explain what changes the owners of Double Z would need to make in order to be a not-for-profit corporation?
If Double Z decides to change its form of business ownership to a not-for-profit corporation, it will not seek personal profits for its owners. If the owners work in the business, they can expect a salary. The company cannot distribute any additional income to owners. It must put all revenues and/or contributions back into the business. In addition, should the not-for-profit dissolve, its assets will need to go to another not-for-profit with a similar mission.
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Which of the following is a false statement about the relationship of financial statement assertions and audit procedures?
a. The relationship between financial statement assertions and audit procedures should be one-to-one b. Audit procedures should be developed in light of financial statement assertions about the financial statement components c. Selection of tests of financial statement assertions should depend upon the understanding of internal control d. The auditor should resolve any substantial doubt about any of management's relevant financial statement assertions
Which of the following is not a classification of a type of manager based on moral values?
a. immoral b. unmoral c. amoral d. moral