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The CEO of a major restaurant chain, whose sales vary by no more than 1-2 percent per month, recommends that the company operate on a natural business year end. As the president of the company, do you support this decision? Why or why not?
(A) No. A fiscal year is usually associated with businesses that experience significant variances in revenue throughout the year.
(B) No. A natural business year is usually associated with businesses that experience significant variances in revenue throughout the year.
(C) No. Natural business year is used only for merchandising companies, not service businesses.
(D) No. Fiscal year is inconsistent with GAAP provisions.
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On march 2, the two 50% shareholders of a calendar year corporation decide to elect S status. One of the shareholders, Terry, purchased her stock from a previous shareholder (a nonresident alien) on January 18. Identify any potential problems for ..
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