Controlling shareholders have no fiduciary responsibility to minority shareholders.?
Indicate whether the statement is true or false
False
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Which of the following transactions involves an exchange of value?
a. Accumulation of interest b. Sale of services c. Flood loss d. Wear and tear on equipment
Answer the following statements true (T) or false (F)
1. The purpose of a code of ethics is to state an organization's expectations for the behavior of all its external stakeholders. 2. Ethics training can enhance high ethical standards in the workplace, even when a company has of a strong code of ethics. 3. In some cases, the IRS financially rewards whistle-blowers. 4. Corporate social responsibility (CSR) is the notion that corporations are expected to create a positive and enriching environment for employees.
ASC 958Â requires that an "other not-for-profit entity" (ONPO) provide three financial statements. Which of the following is NOT one of them?
A. A statement of cash flows B. A statement of activities C. A statement of financial position D. A statement of functional expenses
Vince has begun forgetting things and is becoming very difficult to get along with. He is 85, has been ill, and is very fond of his housekeeper Annie. He gives a deed to Annie for all of his real property. At Vince's death, his children, who got only his photograph albums according to the will, ask that the deed be set aside and the land be put back in the estate for purposes of division among
all the children. What will be the probable result in this case? a. Since Vince was 85 he was probably incompetent and the court would rule for the children. b. Clearly Annie used her position of dominance to persuade Vince to deed her the property, and it will be set aside. c. Unless the children can prove that Vince was unable to understand what he was doing, or that Annie used her position to improperly influence Vince, Annie can keep the property. d. Annie will not be able to keep the property since she is not a family member.