When people use the term "corporation" without specifying which type, they are generally referring to a(n) _____.
A. statutory close corporation
B. nonprofit corporation
C. S corporation
D. C corporation
Answer: D
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Which of the following accounts would not be considered a reserve account?
a. Allowance for Doubtful Accounts b. Estimated Warranty Liability c. Prepaid Expense d. Accumulated Depreciation
Product costs are expensed
A) when the product is finished B) when the product unit cost is calculated C) when the product is sold D) all of these
The bankruptcy of an agent automatically terminates an agency relationship
a. True b. False Indicate whether the statement is true or false
Which of the following is a drawback of Porter's five forces model?
A. The model fails to consider that threat of substitutes can come from outside a given industry. B. Managers cannot determine the changing speed of an industry or the rate of innovation. C. The model describes competition narrowly as a firm's closest competitors. D. It fails to provide a basis for deriving implications for a firm's strategic position within an industry.