Firms sometimes acquire bonds or capital stock of other entities for their expected returns (through interest, dividends, and price appreciation) without any intent to exert influence or control over the other entity. Which of the following is/are not true?
a. U.S. GAAP and IFRS presume that the acquisition of any amount of bonds, and the acquisition of less than 50% of the voting stock of another entity implies an inability to exert significant influence or control.
b. Firms may classify such securities as debt securities held to maturity (IFRS uses the term held-to-maturity investments).
c. Firms may classify such securities as trading securities (IFRS uses the term financial assets at fair value through profit or loss).
d. Firms may classify such securities as securities available for sale (IFRS uses the term available-for-sale financial assets).
e. all of the above
A
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In which of the following ways does having an ombudsperson differ from having an ECO?
a. It does not provide one individual with comprehensive control over communicating ethics and training in ethics. b. It does not offer employees a channel for reporting abuses or ethics issues. c. It does not provide employees with an anonymous way to report problems. d. It does not imbue an individual with the capacity to recommend change in the organization.
Philo files a petition in bankruptcy for relief through an individual's repayment plan. He is granted a discharge. Debts that will not be discharged include claims for
a. all debts provided for by the plan. b. money owed for services rendered. c. allowed claims not provided for by the plan. d. credit-card debt.
Fifi, a clerk at a Games n' Gamers store, takes a video game player and a selection of new games from the store without permission. Fifiis liable for
a. appropriation. b. conversion. c. malicious prosecution. d. wrongful interference with a business relationship.
Job 7890 was recently completed. The following data have been recorded on its job cost sheet: Direct materials$45,000 Direct labor-hours 630labor-hoursDirect labor wage rate$13per labor-hourMachine-hours 390machine-hoursNumber of units completed 3,000unitsThe company applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $12 per machine-hour.Required:Compute the unit product cost that would appear on the job cost sheet for Job 7890.
What will be an ideal response?