Canadian Income Taxation : Planning And Decision Making, 2013-2014 Edition Test Bank

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Canadian Income Taxation: Planning and Decision Making- 2013-2014 EditionChapter OneMultiple Choice1. Which of the following entities is not taxed directly on its income?A) IndividualsB) ProprietorshipsC) CorporationsD) TrustsAns: BDifficulty: Knowledge recallPage Ref: 52. Which of the following attitudes and actions will help decision-makers develop an efficientapproach to taxation?A) Cash flows should be considered from a before-tax perspective when making decisions.B) Functional managers should not be held responsible for the tax effects of decisions withintheir divisions.C) Tax costs to a business should be regarded as controllable expenses, much like product costsand selling costs.D) All managers should own a copy of the Income Tax Act.Ans: CDifficulty: ComprehensionPage Ref: 33. Which of the following statements is true?A) Payment of the return on equity is deductible by the corporation and is a form of propertyincome for the individual.B) Payment of the return on equity is deductible by the corporation and is a form of businessincome for the individual.C) Payment of the return on equity is not deductible by the corporation and is a form of businessincome for the individual.D) Payment of the return on equity is not deductible by the corporation and is a form of propertyincome for the individual.Ans: DDifficulty: KnowledgePage Ref: 54. When assessing the value of a corporation, the most relevant information that decision-makersnormally consider isA) the potential for before-tax profits.

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Canadian Income Taxation by William...

Canadian Income Taxation : Planning And Decision Making, 2013-2014 Edition Test Bank

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