Which of the following is a unique feature of a multinational corporation?
A) Owners have unlimited financial liability.
B) Owners are taxed like partners.
C) It is considered to be a partnership for tax purposes.
D) Stock is held by only a few people.
E) Stock is traded on the exchanges of several countries.
Answer: E
Explanation: E) The multinational (or transnational) corporation spans national boundaries. Stock may be traded on the exchanges of several countries, and managers are likely to be of different nationalities.
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Indicate whether the statement is true or false.
Which of the following is an analytical symptom associated with revenue-related financial statement frauds?
a. Untrue responses by management to queries about revenue-related accounts. b. Missing documents in the revenue cycle. c. Unusual entries made at the end of the accounting period that increase revenues. d. Significant bonuses tied to meeting earnings forecasts.