21. All of the following are true regarding ethics except A. Ethics are beliefs that separate...

 

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21. All of the following are true regarding ethics except A. Ethics are beliefs that separate right from wrong B. Ethics rules are often set for CPA. C. Ethics do not affect the operations or outcome of a company. D. Are critical in accounting. E. Ethics can be difficult to apply. 22. A corporation is: A. A business legally separate from its owners. B. Controlled by the FASB C. Not responsible for its own acts and own debts. D. The same as a limited liability partnership E. Not subject to double taxation. 23. Rico's Taqueria had cash inflows from operating activities of $27,000 cash outflows from investing activities of $22,000, and cash outflows from financing activities of $12,000. Calculate the net increase or decrease in cash A. $61,000 increase B. 537,000 increase C. $7,000 decrease. D. $7,000 increase E. $34,000 decrease 24. Charlie's Chocolates' owner made investments of $50,000 and withdrawals of $20,000. The company has revenues of $83,000 and expenses of $64,000. Calculate its net income A. $30,000 B. $83,000 C. $64,000, D. $19,000. E. $49,000. 21. All of the following are true regarding ethics except A. Ethics are beliefs that separate right from wrong B. Ethics rules are often set for CPA. C. Ethics do not affect the operations or outcome of a company. D. Are critical in accounting. E. Ethics can be difficult to apply. 22. A corporation is: A. A business legally separate from its owners. B. Controlled by the FASB C. Not responsible for its own acts and own debts. D. The same as a limited liability partnership E. Not subject to double taxation. 23. Rico's Taqueria had cash inflows from operating activities of $27,000 cash outflows from investing activities of $22,000, and cash outflows from financing activities of $12,000. Calculate the net increase or decrease in cash A. $61,000 increase B. 537,000 increase C. $7,000 decrease. D. $7,000 increase E. $34,000 decrease 24. Charlie's Chocolates' owner made investments of $50,000 and withdrawals of $20,000. The company has revenues of $83,000 and expenses of $64,000. Calculate its net income A. $30,000 B. $83,000 C. $64,000, D. $19,000. E. $49,000.

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