A(n) ________ is a brief and inspirational expression of what a company aspires to be
A) tactical plan
B) values statement
C) operational plan
D) vision statement
E) summary of objectives
Answer: D
Explanation: A vision statement is a brief and inspirational expression of what a company aspires to be.
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As used in the text, the term services specifically refers to:
a. items having a physical existence and value b. work performed by employees c. work performed by outside vendors d. products normally held for resale
Bond issue costs have the effect of
A) decreasing a bond discount. B) increasing a bond premium. C) decreasing the effective interest rate. D) decreasing a bond premium.
On June 30, 2014, Lynch Co declared and issued a 1 . percent stock dividend. Prior to this dividend, Lynch had 50,000 shares of $10 par value common stock issued and outstanding. The market value of Lynch Co's common stock on June 30, 2014, was $24 per share. As a result of this stock dividend, by what amount would Lynch's total stockholders' equity increase (decrease)?
a. $0 b. $75,000 c. $70,000 d. $(70,000)
Firms account for leases using either the operating lease method or the capital (finance) lease method. Which of the following is not true?
a. The capital, or finance, lease method treats leases equivalent to installment purchases or sales, where the lessee borrows funds from the lessor to purchase the asset and the lessor recognizes profit at the time of sale. b. The lessee records the leased asset and the lease liability on the balance sheet at the present value of the contractual cash flows at the time of signing the lease. c. The lessee amortizes the leased asset, similar to recognizing depreciation on buildings and equipment. d. The lessee recognizes interest expense on the lease liability, similar to recognizing interest expense on long-term notes or bonds. e. The lessor records the signing of a capital lease differently than if the lessor sold the leased asset for an installment note receivable.