A director or officer is required to exercise the care that an ordinarily prudent person would exercise in similar circumstances.
Answer the following statement true (T) or false (F)
True
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A company purchased $10,000 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. The freight charge, $500, was added to the invoice amount. On June 20, it returned $800 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. The cash paid on June 24 equals:
A. $10,300. B. $9,424. C. $10,500. D. $10,200. E. $9,224.
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. The journal entry to record the payment of the factory payroll is:
A. Debit Work in Process Inventory $150,000; credit Factory Wages Payable $150,000. B. Debit Work in Process Inventory $110,000; credit Cash $150,000. C. Debit Factory Overhead $40,000; credit Factory Wages Payable $40,000. D. Debit Work in Process Inventory $150,000; credit Cash $150,000. E. Debit Factory Wages Payable $150,000; credit Cash $150,000.
A local project being analyzed by PERT has 42 activities, 13 of which are on the critical path
If the estimated time along the critical path is 105 days with a project variance of 25, what is the probability that the project will be completed in 95 days or less? A) -0.4 B) 0.0228 C) 0.3444 D) 0.9772 E) 4.2
Employee ownership unionism is intended to improve all of the following except:
A. Employee interests such as job security B. Alignment between employer and government interests C. Alignment between employer and employee interests D. Employee representation on corporate boards of directors