A director or officer will be held to have failed to act with due care and diligence if he or she:
A. does not personally investigate every facet of every business decision.
B. does not personally attend all board meetings, even if insufficient notice is given.
C. fails to make a reasonable investigation before making any corporate decisions.
D. makes an error acting in the best interest of the corporation.
Answer: C
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Indicate whether the statement is true or false
During July at Loeb Corporation, $83,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $4,000. The journal entry to record the requisition from the storeroom would include a:
A. debit to Work in Process of $83,000 B. debit to Work in Process of $79,000 C. debit to Raw Materials of $83,000 D. credit to Manufacturing Overhead of $4,000
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Answer the following statement true (T) or false (F)
What is andon?
What will be an ideal response?