In cases where an officer or director has been found guilty of a crime, he or she may be indemnified under voluntary indemnification if:
A. he or she acted in a manner that he or she believed not to be opposed to the corporation's best interests.
B. he or she had reason to believe that his or her conduct was unlawful.
C. he or she prevails on the merits of the suit against him or her.
D. he or she acts in bad faith.
Answer: A
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Jax Recording Studio purchased $7,800 in electronic components from Music World. Jax signed a 60-day, 8% promissory note for $7,800. Music World's journal entry to record the sales transaction is:
A. Debit Notes Receivable $7,904; credit Sales $7,904 B. Debit Accounts Receivable $7,800; credit Sales $7,800 C. Debit Notes Receivable $7,800; credit Sales $7,800 D. Debit Notes Receivable $7,800; debit Interest Receivable $104; credit Sales $7,904 E. Debit Accounts Receivable $7,904; credit Sales $7,904
Wireless LANs facilitate the interconnection of devices up to 50 feet away from the transmitter
Indicate whether the statement is true or false.
Which of the following is the best example of risk transfer?
A) Purchasing life insurance B) Paying a chimney sweep to clean your chimney C) Flying instead of driving your car D) Increasing the deductible on your auto insurance policy
Define the term "accounting period." How does this term relate to the "matching concept" as it pertains to the income statement?
What will be an ideal response?