Which legislation makes it compulsory for every public company to have a code of conduct to convey expectations about what is and is not appropriate for its directors and officers?
a. Sherman Act
b. Glass-Steagall Act
c. Sarbanes Oxley Act
d. Gramm-Leach-Bliley Act
c
FEEDBACK: a. Incorrect.
b. Incorrect.
c. Correct.
d. Incorrect.
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On February 1, Futuristic Electronics sells and delivers $10,000 worth of computer parts to Martin Business Systems to be paid for on March 1. On February 2, Martin's ceiling leaks requiring immediate repair worth $10,000
Lewis Kuhn, the contractor, refuses to do this work without security, so Martin gives Kuhn a chattel mortgage on the computer parts to get the work done. Unfortunately, Martin goes bankrupt and does not pay Futuristic. Futuristic wants to take the computer parts back, while Kuhn wants to seize them under his chattel mortgage. Which of the following is TRUE? A) The chattel mortgage is not enforceable because Martin has not paid for the parts and therefore Futuristic still owns them. B) The chattel mortgage is enforceable because ownership (title) passed on delivery of the computer parts to Martin's premises. C) The chattel mortgage is not enforceable as it is the wrong security instrument – a general security agreement should have been used. D) The chattel mortgage is not enforceable because it was taken subsequent to Futuristic's security interest in the property – i.e. the earlier security takes priority. E) The chattel mortgage is not enforceable because Futuristic has an automatic purchase money security interest in the equipment.
A company has a net cash inflow from operating activities of $794,000, a net cash outflow of $60,000 from investing activities and a net cash inflow of $100,900 from financing activities. The company paid $129,000 in interest, $189,000 in income taxes, and $205,000 in cash dividends. Which of the following statements about the statement of cash flows is not correct?
A. Supplemental disclosures required for a company using the indirect method include the amount of interest and the amount of income taxes paid. B. The cash dividends of $205,000 paid will be reported as a cash outflow in the cash flow from investing activities section. C. The statement of cash flows will show a net increase in cash and cash equivalents of $834,900. D. If the direct method is used, the $129,000 of interest paid and the $189,000 of income taxes paid will be reported in the cash flows from operating activities.
A real estate agent is an example of a(n):
a. agent b. employee c. employee with agency powers d. independent contractor e. agent and independent contractor