Answer:
True
Explanation:
The management of an enterprise has a duty to prepare the result of their operation for each defined period in accordance with the financial reporting standards for the external auditors appointed by the directors to independently verify correctness of the figures with the underlying records.
It must be noted here that in practice, while the management prepare the financial report, the directors are to lay the report before the shareholders in the annual general meeting.
Cameron has applied for a loan to expand his young business. When bankers look for evidence of whether he will be able to repay a loan, they usually base their assessment on what?
Answer:
what Cameron's firm has done in the past.
Explanation:
Small businesses do request for loans in some cases when they aim at using borrowed funds as capital to become more profitable in their business. When such requests are made, the bank can decide to look at what has been done in the past by the firm to ascertain if they can be able to repay the loan. They usually look at the current and past loans (If any) and debts that have been incurred by the business. In some cases, they also examine the bank accounts the business won and their tax IDs, etc.
Richard purchased a computer for $600 in 2015. Compared to the $900 computer that he had purchased back in 2011, the new one seems to be more efficient in terms of the price he has paid and the power of the microprocessor technology. This is best explained by ___________
Answer: Moore's Law
Explanation: Moore's Law was due to an observation in the trend of microprocessors, predicting an increase in the efficiency, speed and capability of computers also boasting a lower price than preceeding computers. It basically preaches an exponential growth where a newer, smaller, and more powerful transistors installed on a computer is sold at about half the price of it's predecessors about every two years.
When conducting a SWOT analysis, Martha would need to identify strategies that take advantage of the Coffee Collective's ________while avoiding __________.
a) strengths and opportunities; weaknesses and threats
b) strengths and weaknesses; opportunities and threats
c) opportunities; threats
d) strengths; weaknesses
e) weaknesses; threats
Answer:
Martha would need to identify strategies that take advantage of the Coffee Collective's strengths and opportunities while avoiding weaknesses and threats.
The answer is a.
Explanation:
A SWOT (strengths, weaknesses, opportunities and threats) analysis is a business study that takes into account all the factors that could affect the successful execution and profitability of a business project. That is what Martha would need to do in this case.
As part of their strategic control of the organization, the CEO and senior managers at Ford review the daily performance of the company’s suppliers to determine which should be kept.a) trueb) false
Answer:
B) False
Explanation:
Remember, the CEO and senior managers are tasked with the responsibility of managing or delegating responsibility in the organization.
However, they do not need to review the daily performance of suppliers even though the suppliers performance plays a major role in the success of an organization, because they can delegate responsibility.
Which of the following is the system privilege that empowers the grantee to create an index in his or her own user account but not in the accounts of others?
Answer:
A. Create Table
Explanation:
First, the multiple options for the question:
A. CREATE TABLE
B. CREATE ANY TABLE
C. CREATE INDEX
D. CREATE ANY INDEX
In database or spreadsheet programming management among others, the create table function not only allows one to create a table but also creates an index as a privilege. This done as a result of the fact that a create table function or statement could include either a unique constraint or a primary key.
The creation of this unique constraint or primary key will automatically led to an index being created to support the primary key or the unique constraint. The create table statement also only works within the grantee's own account and not in the account of others.
[Related to Application 1.3] In 2013, the International Monetary Fund suggested that nations impose a one-time 10% tax on all accumulated individual wealth as a means to solve governments' financial problems. What kind of behaviors would this tax be likely to create? Group of answer choices This will likely incentivize people to accumulate wealth in the future. Governments will be more likely to adopt command economies. This will likely deter people from accumulating wealth in the future. Governments will be more likely to adopt market systems.[Related to Application 1.3] In 2013, the International Monetary Fund suggested that nations impose a one-time 10% tax on all accumulated individual wealth as a means to solve governments' financial problems. What kind of behaviors would this tax be likely to create? Group of answer choices This will likely incentivize people to accumulate wealth in the future. Governments will be more likely to adopt command economies. This will likely deter people from accumulating wealth in the future. Governments will be more likely to adopt market systems.
This will likely deter people from accumulating wealth in future.
Answer: Option 3.
Explanation:
Taxes are the amount of money that the citizens have to pay to the government. It is obligatory in nature. And in return to these taxes, the government will provide services to the citizens of the country.
But since the citizens have to pay to the government from their own personal income, so it pinches the citizens. An additional tax on the wealth of the citizens will deter the people to save and accumulate the wealth in future and will not motivate them.
Which dimension of project management centers on creating a temporary social system within a larger organizational environment that combines the talents of a divergent set of professionals working to complete the project?
Answer:
Sociocultural
Explanation:
Sociocultural dimension of project management focuses on the organization culture that is set of values, assumptions, behaviors shared by organizational members.
The dimension of project management that focuses on building a temporary social system for diverse professionals to collaborate on a project is encompassed in organizational psychology. It emphasizes on a team-based approach, where equity and effective leadership play crucial roles in shaping a project's success by fostering an environment of collaboration and fair distribution of responsibilities.
Explanation:The dimension of project management which centers on creating a temporary social system within a larger organizational environment that combines the talents of a divergent set of professionals working to complete the project is often rooted in organizational psychology. This field studies how individuals and teams operate within organizations, and it takes into account how to optimize human behavior in work settings. The aim is to create a well-functioning team that is capable of handling complex tasks by capitalizing on diverse skills, experiences, and expertise. Establishing such a system requires an understanding of social systems, effective communication, and robust leadership capabilities, often necessitating a team-based approach and long periods of interpersonal relationship building.
The complexities inherent in team dynamics are influenced by several factors, such as technological advances, economics, globalization, and changing workplace demographics. This necessitates organizations to be agile and adapt by facilitating work through diversified teams, rather than on an individual basis. These teams are formed to accomplish specific tasks with the collaboration of multi-disciplinary professionals who work within the broad framework of the organization's social structure. Success in this context is linked to the equity among stakeholders and the transparent, fair distribution of responsibilities and benefits, which directly impacts the efficiency and productivity of these teams. Therefore, it is imperative for leadership to actively participate in and understand every aspect of a project to maintain a balanced and equitable social system, fostering an environment that is conducive for all professionals to contribute substantially towards the project's completion.
Last year, Benton Inc. had net income of $3.5 million and paid out $700,000 in cash dividends. If income this year is $4.1 million and the dividend payout ratio is held constant, how much will be paid in dividends?
Answer:
Dividend paid would amount to $820,000
Explanation:
The dividend payout ratio is a percentage of the net income paid to shareholders in dividends.
That is;
Dividend payout ratio = dividend paid out/net income
If the ratio is held constant for both years, then
$700,000/$3,500,000 = y/$4,100,000 (where y is the amount of dividend paid this year)
y = 0.2 × $4,100,000
y = $820,000
Giving customers more value for the money by satisfying their expectations on key quality features, performance, and/or service attributes while beating their price expectations is a____________
Answer: The correct answer is BEST-COST PROVIDER STRATEGY
Explanation: A best-cost provider strategy is a strategy to be a leader in the industry Andy be successful. It involves giving customers more value for their more by retaining quality but reducing the price.
A typical example of the best-cost provider strategy can be seen between Toyota and Mercedes Benz. With both having great and key quality features but Toyota beating price expectations.
If the price of good X increases by 2%, and that causes the quantity demanded of good Y to decrease by 15%, then the cross elasticity of demand for good Y, with respect to the price of good X, is
Answer:
-7.5%
Explanation:
Cross elasticity of demand is the degree of responsiveness of the quantity of a commodity, Y in this case, to the change in the price of another commodity, X in this case.
Cross elasticity of demand is measured as a percentage change in the quantity of commodity Y divided by the percentage in the price of commodity Y. This can be written mathematically as follows:
Ec = % Change in the quantity of commodity Y divided by the percentage in the prie of commodity X.
Where Ec denoted cross elasticity.
Applying the formula to this question, we have
Ec = -15%/2% = -7.5%
Note that under cross elasticity of demand:
1. Two goods are substitute if the value of their cross elasticity of demand is positive. That is, an increase in the price of good one, good X, will lead to an increase in the quantity demand of the second, good Y.
2. Two goods are complimentary if the value of their cross elasticity of demand is negative.That is, an increase in the price of good one, good X, will lead to an decrease in the quantity demand of the second, good Y.
Therefore in this question, goods X and Y are complimentary because the value of their cross elasticity of demand is -7.5% which is negative.
I wish you the best.
The cross elasticity of demand for good Y, with respect to the price of good X, is -7.5, indicating that they are substitute goods.
Explanation:The cross elasticity of demand measures the responsiveness of the quantity demanded of one good (Good Y) to a change in the price of another good (Good X). It is calculated as the percentage change in quantity demanded of Good Y divided by the percentage change in price of Good X.
In this scenario, the price of Good X increases by 2% and this causess the quantity demanded of Good Y to decrease by 15%. Hence, we can use the formula to calculate the cross elasticity of demand:
Cross Elasticity of Demand = % Change in Quantity Demanded of Good Y / % Change in Price of Good X = -15% / 2% = -7.5
This means that for every 1% increase in the price of Good X, the quantity demanded of Good Y decreases by 7.5%. The negative sign indicates that goods X and Y are substitute goods, meaning that as the price of Good X increases, consumers buy less of Good Y.
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If the income elasticity of demand for good X is negative and the cross-price elasticity of demand between good X and good Y is negative, which of the following must be true of good X
Answer:
Good X is Inferior Good, Good X is complementary good of Good Y.
Explanation:
Demand : Buyers ability & willingness to buy given price - has 4 factors (price of good, income, price of related goods, Taste).
Based on Income : Normal Goods demand vary directly with Income, more demand at higher income & vice versa. Eg: Normal grains like Wheat, Rice. Inferior Goods demand vary inversely with Income, more demand at lower income & vice versa. Eg: Low grade, cheap grains like Bajra.
Price of Related Goods: Related Goods can be Substitutes or Complements. Substitute (interchangeable) goods price are directly related a with good's demand because - substitute price rise makes the good relatively cheap, increases its demand & vice versa. Complementary (together used) goods price are inversely related with a good's demand because - complements price rise makes the product combination expensive, decreases its demand & viceversa. 1st eg: Coke, Pepsi ; 2nd eg: Tea, Sugar.
If income elasticity of demand for good X is negative : implies it varies inversely with Income - It is an Inferior Good
If Cross Price Elasticity of demand between good X and good Y is negative : Implies Y's prices & X's demand vary inversely - Both are complements of each other.
If good X has negative income elasticity of demand, it is an inferior good. Demand for it decreases as income increases. If it has negative cross-price elasticity of demand with good Y, these are complementary goods, usually consumed together.
Explanation:If the income elasticity of demand for good X is negative, it suggests that good X is an inferior good. Inferior goods are those for which demand decreases as income increases. In other words, the less money people have available, the more likely they are to buy inferior goods.
If the cross-price elasticity of demand between good X and good Y is negative, it implies that goods X and Y are complementary goods. Complementary goods are products that are usually consumed together. If the price of one good goes up, the demand for both goods usually drops.
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88 million people live on less than $1.00 a day. These people are said to be living in _____. subjective poverty marginal poverty absolute poverty relative poverty
Answer: Absolute poverty
Explanation:
Absolute poverty is when household income is beyond a level that makes it impossible for individuals or family to meet basic needs. Living on less than $1.00 is absolute poverty.
Ryan is going to rent a truck for one day. There are two companies he can choose from, and they have the following prices. Company A charges an initial fee of $72.50 and an additional 40 cents for every mile driven. Company B charges an initial fee of $25 and an additional 90 cents for every mile driven. For what mileages will Company A charge no more than Company B? Write your answer as an inequality, using m for the number of miles driven.
m≥95
Explanation:
Since, we have two option given.
forming the equation for Company A
As company A pay fixed (intercept) of $72.5. Moreover, with every one mile driven company A pays $0.4 (slope)
Using the equation
y=mx+c
where m is slope, and c is intercept.
In the case of company A. slope is $0.4, and intercept is $72.5.
charges= 0.4m+72.5
Forming the equation for company B
charges=0.9m+25
Now, as per the requirement of question we must find the value of m, where Company A will charge no more than company B
That means,
we have to find the value of m where charges from equation of company A should be less than or equal to charges from equation of company B
in other words,
0.4m+72.5 ≤ 0.9m+25
solving for m,
Step 1
72.5-25 ≤ 0.9m-0.4m
Step 2
47.5≤ 0.5m
Step 3
47.5/0.5≤ m
Step 4
95≤ m
in other words, m≥95
Kelly Corp. barters with Ace Corporation for goods that are similar in nature and value. The value of the goods was $1,000. The cost of the goods was $400. If Kelly uses IFRS to prepare financial statements, what amount should Kelly recognize as income?a. $1,000
b. $0
c. $400
d. $600
Answer:
B. $0
Explanation:
The International Financial Reporting Standards (IFRS) specifically Internal Accounting Standards (IAS) 18 on revenue specifically states that where there is a barter transaction that is the exchange of goods or services, the transaction will not be recognized as one generating revenue when the goods or the services being exchanged are similar in nature. If it is not recognized as a revenue generating transaction then no revenue will be recognized as well
Since Kelly Corp barters goods with Ace Corporation established to be similar in nature , then according to IFRS Kelly cannot recognize any income on the transaction.
You and seven other people relay your feelings and thoughts about a potential new product to a trained moderator. In exchange, you receive a small payment. You are participating in a(n):
Answer:
Focus Group Interview
Explanation:
In a focus group interview, each participant is compensated by a small amount for participant's valuable suggestions and comments. In this case there are participants and each participant will receive a small payment because this arrangement is focus group interview.
Which economic system leaves production decisions completely up to the producers? 1. mixed economy 2. command economy 3. planned economy 4. free-market economy
Answer:
4. free-market economy
Explanation:
Free-market economy -
A free market refers to the economic system which depends on the demand and supply , where the control of government is nil , is referred to as free - market economy.
It helps to provide all the voluntary exchange occurring in the economy.
The range of the free market economy of a particular country , is present in between very large or completely black market.
Hence, from the given statement of the question,
The correct term is free - market economy.
Answer:
free market economy
Explanation:
a free market system leaves production decision up to the producers.
Boris Turner, CFE, was hired to investigate some suspicious activity in the accounts receivable department of One Man and a Truck. While examining the company's accounting records, she noticed severa payments posted to customers' accounts that were later reversed with journal entries to "courtesy discounts." What type of scheme might this situation indicate?
Answer:
This involves Cash Larceny of Receivables
Explanation:
Cash Larceny of Receivables involves stealing of cash that has already been recorded in a companie's books for a specific period.
Forced adjustment entries are posted (reversed journal entries) to balance the companie's accounts.
For example, if cash is received from a customer and posted to his account. After theft of the physical cash, journal entries are posted to reduce balance on customer's account. This is done in a bid to force balance the account and physical cash on hand.
Note: Cash Larceny is more easily discovered compared to Skimming.
In Cash Larceny entries are posted to the companie's books and this leaves an audit trail. While in Skimming the fraudster does not record initial receipt of cash.
Answer:
Explanation:
Cash larceny of receivables is the act of stealing cash that has already been recorded i in the books of company accounts at a specific period. This fraud, which is wrecked by an employee and the employer is unaware of it.
After stealing money from the employer, some employees may reverse certain transactions as a way of covering up the cash larceny. They can do this by recording returns that are deceptive and false voids as a way of reducing the amount of cash balance that is reflected in the register log.
Reversing transactions is a way of reducing the balance shown on the register log so that it equals the cash on hand. Like in the case posted in the question the investigator noticed several payments posted to a customers account were later reversed with joirnal entries to "courtesy discounts" , which shouldn't be so. This is a case of cash larceny
Roco Company manufactures both industrial and consumer electronics. Due to a change in its strategic focus, the company decided to exit the consumer electronics business, and in 2016 sold the division to Sunny Corporation. The consumer electronics division qualifies as a component of the entity according to GAAP. How should Roco report the sale in its 2016 income statement?
Answer:
C. As a discontinued operation, reported below income from continuing operations
Explanation:
First, the multiple choices for the question
a. Include in income from continuing operations as a non-operating gain or loss.
b. As an extraordinary item.
c. As a discontinued operation, reported below income from continuing operations.
d. None of the above.
According to General Accepted Accounting Principles (GAAP), the sale of a division that is qualified as component should be reported specially. Furthermore, it also requires that the operations of the component already disposed of or sold should be reported below the revenue reported under continuing operations for the year as a discontinued operation.
Since Roco's consumer electronics business qualifies as a component of the entity then it should be reported as stated by GAAP; specially reported and below income from continuing operations
The _____ states that the individual, firm, region, or country with the lower opportunity cost of producing a particular good should specialize in producing that good.
Answer:
Law of comparative advantage
Explanation:
Let's assume that Wakanda can produce either 10 bags of cotton or 10 bags of wine. While country x can produce either 5 bags of wine or 4 bags of cotton.
The opportunity cost of Wakanda producing either wine or cotton is one .
The opportunity cost of country X producing wine is 4 / 5 = 0.8 and the opportunity cost of producing cotton is 5 / 4 = 1.25
Wakanda should specialise in the production of production of cotton because it has a lower opportunity cost when compared with the other country.
Country x should specialise in wine production because it has a lower opportunity cost when compared with Wakanda.
This illustrates comparative advantage .
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Motor Sports, Inc., sues A-Z Speed. Motor Sports alleges that A-Z breached (failed to perform) a contract that required A-Z to sell ten Jet Skis to Motor Sports. Under the rules governing discovery, Motor Sports is most likely entitled to obtain ______
Answer:
Documents related to the contract
Explanation:
When a contract is made between parties they usually sign an agreement. The reason to sign an agreement is if one tries to breach the contract they can sue them with prove. In the above scenario, motor Sports Company has sued A-Z sports and alleges that A-Z sports have breached a contract. Under the rules governing discover, the court will permit motor sports to obtain the documents related to the contract.
_________ is selling below cost with the intention of punishing a competitor or gaining higher long-run profits by putting competitors out of business.
Answer:
Predatory pricing
Explanation:
Predatory pricing is a pricing strategy of selling below cost with the intention of punishing a competitor or gaining higher long-run profits by putting competitors out of business. It is in violation of anti trust laws . It also predisposes an industry to becoming a monopoly because if successful, the firm carrying out predatory pricing would chase away other firms in the industry. Predatory pricing can also lead to price wars.
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A major problem with buying other companies in order to gain access to their product lines is that the acquiring firm may lose its own ability to innovate. True or false?
Answer:
Answer is "FALSE"
Explanation:
As , when a company buys another company there is a strong Knowledge Transfer you can learn about running the business from the current owner, which helps you to gain an insight about their experiences and also use their expertise as how they worked previously on their existing products and you can then grab ideas and follow procedures and use them for your own innovation (The acquiring firm).
: Joe is one of the lead accountants for his company. Last month he was pressured to prepare the financial reports more quickly than usual, which led to errors that went undetected. Joe’s manager was very upset about this, and explained that he was negatively impacting the whole company with his mistakes. Why does the manager react in this manner? A : In order to lower the company’s capital allocation, they need to have timely, reliable financial reports. B : In order to increase the productivity rate at the company and decrease the capital allocation, they need to have reliable financial reports. C : The resources at Joe’s company are limited, and financial reports that are timely and reliable will help attract investment capital. D : The resources at Joe’s company are abundant, and correct financial reports will help attract investment capital.
Answer:
C) The resources at Joe’s company are limited and timely, reliable financial reports will help attract investment capital.
Explanation:
Financial reports are like pictures taken to the company, they do not show how the company is currently working, instead it shows how the company was working at a specific point in time.
Investors usually decide on which companies to invest or not based on the company's financial reports and their own analysis of how the company is being managed. So if you present financial reports that are not properly elaborated and contain mistakes, that shows two negative aspects of the company: either the company's financial health is not that good, or the company is not being properly managed, or both (which is even worse).
Either way those mistakes will cause serious problems to upper management.
Positive economics: a) makes recommendations designed to achieve certain goals. b) is based on value judgments. c) involves statements that can be proven true or false. d) can never be used to make predictions
Answer:
C. Involves statements that can be proven true or false
Explanation:
Positive Economics includes objective statements, based on factual data, describing 'what actually is'. The statements describe economic issues & cause - effect relationship, can be tested or proved.
Eg : The inflation rate in India in 2019 was xyz %.
The statement is a factual data description of an actual economic issue, which can be tested.
The forward-looking process of coordinating assets to optimize the delivery of goods, services and information from supplier to customer, balancing supply and demand is called___________________.
Answer: Supply chain planning.
Explanation:
Supply chain planning is a comprehensive plan a production company has in place that ensures, the smooth and effective running of operations involved in the supply chain. Supply chain planning involves planning for factors within and outside the company which includes: raw materials and resources gathering, production and distribution of products.
Pam has a loan in which she received all of the loan proceeds in one lump sum at the time of closing. This type of loan is a(n) __________ loan.a. closed-end
b. open-end
c. purchase money
d. fixed-rate
Answer: Closed-end.
Explanation:
The loan received by Pam is a Closed-end loan, which is a type of loan that enables the borrower of the loan to gain access to the full loaned amount, once the loan has been granted and necessary agreements have been reached between the borrower and the lender. The closed is a contrast of the open end credit, where a sum is given over a stretch of time.
Which of the following scenarios most accurately reflects the concept of scarcity?
1. The steak Henry did not buy because he is a vegetarian.
2. Brett is a farmer with an open field on which he can plant either soybeans or corn.
3. Sienna enjoys viewing flowers in the city garden during her walk.
4. The Smith Household produces an average of three bags of trash a week.
Answer:
2. Brett is a farmer with an open field on which he can plant either soybeans or corn.
Explanation:
Scarcity in economics means the resources available to meet man's needs are limited or scarce.
In brett's case, land is limited, so he has to choose between planting soybeans and corn.
I hope my answer helps you
The best depiction of scarcity is that 2. Brett is a farmer with an open field on which he can plant either soybeans or corn.
What is Scarcity?It refers to the notion that we cannot produce everything we want at a go. It comes as a result of not having enough resources to pursue everything we want.Brett can either plant soybeans or corn and not both. This shows scarcity because he does not have enough resources to plant both of them.
In conclusion, option B is correct.
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When companies are trying to meet the shareholders' and general public's demands to act more ethically and environmentally responsible, they are recognizing the importance of _____.
Answer:
corporate social responsibility (CSR)
Explanation:
Social Responsibility is the interaction between business and the social environment in which it exists.
the Stakeholder Perspective to CSR is
Social Responsibility : which Relates to the obligation of business to society.
Ethics : Ethical issues are most relevant at an individual level, for ethics are maintained by people.
there are three perspective to corporate social responsibility, which include:
1. Economic Perspective : The responsibility of business is to make a profit within the “rules of the game.” Organizations cannot be moral agents: Only individuals can serve as moral agents.
2. Public Responsibility : Businesses should act in a way that is consistent with society’s view of responsible behavior, as well as with established laws and policies.
3. Social Responsiveness : Business should proactively seek to contribute to and improve society in a positive way.
How might we creat a sense of civility in both our social circles and our government?
Answer:
• Screen and Vote for people with civility in behavior.
• Reward Civil Behavior
• Training on Civility
• Accountability for civility in behavior
Explanation:
We create a sense of civility in both our social circles and our government through the following ways:
1. Screen and Vote for people with civility in behavior: One of the ways we can create a sense of civility in our government is to Screen congress candidates before voting for them into government because if there is no civility in government it cannot be expected in the governed
2. Reward Civil behavior: It is already a well established fact in psychology that rewards reinforce good and positive behavior, hence if we want to create civility in our society we ought to put rewards in place to encourage such behavior.
3. Training on Civility: Existing leaders in organisations and governments should be made to undergo training in civil behavior and should be saddled with the responsibility of training their subordinates on the same subject matter
4. Accountability for civility in behavior: People should be made to answer for lack of civility in behavior as a way to discourage and punish negative behavior. This is the other side of rewarding positive behavior which if combined will achieve huge success in creating civility in behavior.
One of the first steps in corporation process is: drafting a prospectus. drafting bylaws. deciding in which state to incorporate. completing the articles of incorporation.
Answer:
Option "C" is the correct answer for the following statement.
Deciding in which state to incorporate .
Explanation:
There are plenty of advantages of forming a separate business organization or company to run your business, from anonymity to asset protection. Wherever you develop the business matters; certain states are far more accommodating to the sector than others.That when a business does a company within the same single state, it has to enter with the federal government, which implies paying taxes and stuffing out the necessary paperwork.therefore always decide about the state where we wants to starts corporation .