An electronics store sold a home theater system to an employee for $300, even though the retail price was $500. The gross profit percentage is 40%. Such discounts are available to all employees. How much income should be recognized by the employee from these transactions?
A. $100
B. $200
C. $0
D. $120
Answer: C
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Bunsen Company is involved in a consumer liability lawsuit. Company attorneys have assessed the contingent outcomes of the lawsuit. Because the attorneys think the company will probably lose the lawsuit, To prepare for this loss, Bunsen management has decided to set aside funds in an investment account that earns a 9% return rate. Furthermore, there is general agreement that there is a 60%
probability the company will have to pay the defendants $6 million four years from now; a 30% probability the company will need to pay $10 million eight years from now, and a 10% probability the company will pay nothing. What amount should Bunsen accrue as a contingent liability? A) ?$4,055,928 B) ?$6,179,473 C) ?$6,600,000 D) ?$9,269,210
The IFAC suggested ten core principles of effective information technology planning. Which of these is not one of those ten core principles?
A. Unbiased B. Achievability C. Alignment D. Measurable Performance
Answer the following statement(s) true (T) or false (F)
1. Spreadsheets and word processing programs are examples of programming languages. 2. GUI stands for Grand Universal Identifier. 3. Spreadsheets are essentially electronic accounting ledgers. 4. Presenting financial information in text format is much more powerful that displaying the same information graphically. 5. Desktop publishing allows firms of any size, or even individuals, to produce high quality reports and brochures cheaper that the price charged by a printer to provide the same services.
An agent who violates his fiduciary duty loses the right to compensation
Indicate whether the statement is true or false