Kindly answer the 2 questions. Note: Here are the following guidelines for solving an ethical issue. Please use these steps. 1. Identify the facts. 2. Identify the ethical issue. 3. Analyze the alternative courses of action. 4. Make a decision.
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- While tax-exempt entities are indeed generally exempt from paying Federal income tax, they must operate in ways that guarantee that they remain in compliance with tax laws governing their tax-exempt status. List and explain steps tax-exempt entities must take to protect their tax-exempt status.1. Corporations and their unique characteristics True or False: If a corporation is unable to repay its debts, the creditors to whom the debt is owed may sue an individual stockholder for more than he or she invested in the corporation. O True O FalseWhat is the objective of the company in having a, strong and effective internal control system? What is the purpose of having an independent internal audit function in a publicly-listed corporation? Give at least four (4) responsibilities of the chief audit executive. Enumerate the activities of the risk management department in a publicly-listed corporation. To what may the shareholder’s right relate? How may participation of employee in corporate governance be encouraged? True or false. Sustainability reporting includes voluntary corporate disclosures about sustainability initiatives, plans, and associated outcomes. True or false. The terms non-financial reporting, corporate social responsibility reporting, and triple bottom-line reporting are each sustainability-related terms. Define the terms nonfinancial reporting corporate social responsibility reporting, and triple bottom-line reporting. How do these relate to sustainability reporting? What factors have driven the demand for…
- 3. Regulation of private pension plans Which of the following are provided by federal regulations of private pension plans? Check all that apply. Insurance of all participants in private defined-benefit plans to receive their benefits upon retirement Transferability of vested pension funds upon a change of employment Insurance of only executive employees participating in private defined-benefit plans to receive their benefits upon retirement Insurance of all participants in private defined-contribution plans to receive their benefits upon retirement Tax benefits only for executive employees Which of the following are the characteristics of the Pension Benefit Guaranty Corporation (PBGC)? Check all that apply. Has no regulatory powers May act as the pension fund manager Affected by economic conditions Has vast regulatory powersLowe’s Companies, Inc. is a business supply and home improvement retailer incorporated in Mooresville, North Carolina. If Lowe’s Companies, Inc. opens a store in any state in the United States other than North Carolina, it will be considered which of the following in that state? A. A domestic corporation B. A closed corporation C. An alien corporation D. A foreign corporationPlease solve all questions. You are the manager responsible for the audit of Kicap Manis Berhad, a listed company, for the year ended 31 December 2019. The main business activity of Kicap Manis Berhad is the manufacture of farm machinery. The audit work has been completed, and you are reviewing the working papers in order to draft a report to those charged with governance. During the audit of property, plant and equipment (PPE), the audit team found no material misstatement but the following issues have come to your attention. It was discovered that authorization had not been gained for the purchase of office equipment with a cost of RM315,000. The officer in charge of the purchase claimed that the management has conveyed their agreement with the purchase in the management team monthly meeting, but the audit team has not been furnished with such minutes of meeting even after numerous requests. The client is using an internally developed PPE system, PropertyCare, to maintain the records…
- What legal obligations does a business have in terms of taxation, including income tax, sales tax, payroll tax, and compliance with tax reporting and payment deadlines?66) As a governance mechanism the “threat of takeover” refers to: a) The risk that the government might acquire the firm b) The danger that the firm might be acquired by others who offer the stockholders better management of the firm. c) Both A and B d) Neither A nor BDr. John and Mrs. Jane Marquez were generous philanthropists of BG Hospital. Dr. Marquez, who bequeathed $2.8Million for the hospital, had been recognized by naming the hospital's coronary and cardiac diagnostic unit after him. The city is on the process of restructuring health care system. In response, the BG Hospital Foundation launched a campaign to raise funds to expand the hospital. Mrs. Marquez, the wife of the late Dr. John Marquez, was approached by the hospital's Chief Executive Officer to become a potential lead donor for the campaign and the suggested amount was $1Million. The foundation presented with a formal proposal that outlined the project and the hospital's interest in honouring her and the memory of Dr. Marquez by naming the new critical care unit after them. Of course, the renaming requires approval from the board of trustees. Mrs. Marquez seek the advice of her accountant and later signed the document pledging to donate $1Million over a five-year period to the BG…
- Risk management is an important facet of corporate governance. The ultimate responsibility for ensuring that the corporation meets all legal and regulatory requirements related to risk management resides with the A.) Directors and officers of the firm B.) Corporate Compliance section of the firm C.) Shareholders of the firm D.) Professional risk manager of the firmexplain the term corporate veil and Discuss the circumstances under which the corporate veil of a company can be liftedWidget Corporation is the manufacturer of many popular children’s toys but have seen a great decrease in sales and the board of directors is worried that the business may no longer be viable. The board decides to aggressively sue other toy manufacturers that have likely been infringing on Widget’s intellectual property, enter into a joint venture with a another company to build a new factory to reduce costs, and make large and notable donations to children hospitals as part of a PR campaign to raise the corporation's image. Additionally, the board decides to start manufacturing medical equipment to make up for the projected shortfalls in budget, even though the corporation was formed to make toys. Some shareholders are upset and sue the board of directors. (a) Which of the board’s actions fall into their express power and which are their implied power? Please explain why the actions would be categorized that way. (b) Would the ultra vires doctrine play a role in the shareholders suit…