I will upvote!

14. Which of the following does NOT create a temporary book tax difference? (4pts) a. Deferred compensation b. Bad-debt expense c. Depreciation expense d. Dividends received deduction 15. Corporations are legally better suited for taking a business public compared with LLCs and general partnerships. (2pts) a. True b. False 16. "In general, all C corporations can elect to use either the accrual or cash method of accounting." (2pts) a. True b. False 17. "TrendSetter Incorporated paid $50,000 in premiums for life insurance coverage for its key employees for which TrendSetter Incorporated is the beneficiary. What is the nature of the book tax difference created by this expense?" (4pts) a. Permanent; favorable b. Permanent; unfavorable c. Temprorary; favorable d. Temporary; unfavorable 18. What document must an LLC file with the state to organize its business? (4pts) a. Articles of incorporation b. Certificate of LLC c. Articles (or a certificate) of organization d. Partnership Agreement e. None of the above 19. Which of the following legal entities must file documents with the state to be formally recognized by the state? (4pts) a. Limited Liability Company b. General Partnership c. Sole Proprietorship (non-LLC) d. None of the above 20. Which of the following is not calculated in the corporate income tax formula? (4pts) a. Gross income b. Adjusted gross income c. Taxable income d. Regular tax liability 21. Limited partnerships are legally formed by filing a certificate of limited partnership with the state in which the partnership will be organized. (2pts) a. True b. False 22. It is important to distinguish between temporary and permanent book tax differences for which of the following reasons? (4pts)