You-Cut-Um shop purchased 200 Lion lawnmowers from M&N Mower. You-Cut-Um is located in Iowa and M&N is in Tennessee. The purchase order states F.O.B. Iowa. The contract makes no mention of risk of loss or title. You-Cut-Um will have an insurable interest in the mowers:
a. when it sells the mowers.
b. when they are identified.
c. at the time of the contract.
d. when the mowers are tendered to You-Cut-Um.
b
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A primary user of accounting information with a direct financial interest in the business is a
a. regulatory agency. b. creditor. c. taxing authority. d. labor union.
The financial statements of nonpublic companies are not required to be audited by an independent CPA
Indicate whether the statement is true or false
Cung leads the design team at Rapidware, a software firm that deigns custom software to meet its clients' needs. He needs to hire an employee to recognize when new approaches are needed and to learn what clients need and quickly come up with an innovative way to serve them. Which of the following candidates would best meet Cung's requirements?
A. Jennifer, a methodical worker who defines herself by her career success B. Gage, a very successful worker who is self-proclaimed "old school" C. Lanny, a fast worker who forces others to do things his way D. Gale, a lovable character who encourages and helps everyone E. Rico, a curious person who loves art and buys the latest gadgets
Strategic goals
A. include fostering quantity and quality of outputs as well as increasing productivity. B. identify the specific procedures and processes required at lower levels of the organization. C. translate broad tactical goals and plans into specific goals and plans relevant to a particular portion of the organization. D. should be limited to top management. E. focus on the major actions a unit must take to fulfill its part of the strategic plan.