The situation in which the data needed for a process activity is available and stored in an accessible location is called an information silo
Indicate whether the statement is true or false
FALSE
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If a plant asset has been fully depreciated and it is discarded or retired, no gain or loss will be realized
a. True b. False Indicate whether the statement is true or false
Of the three cost-flow assumptions, FIFO usually results in the smallest net income when inventory costs are rising and the largest net income when inventory costs are falling
Indicate whether the statement is true or false
A partnership began its first year of operations with the following capital balances: Young, Capital:$143,000Eaton, Capital:$104,000Thurman, Capital:$143,000??The Articles of Partnership stipulated that profits and losses be assigned in the following manner:? Young was to be awarded an annual salary of $26,000 and $13,000 salary was to be awarded to Thurman. ? Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year. ? The remainder was to be assigned on a 5:2:3 basis to Young, Eaton, and Thurman, respectively. ? Each partner withdrew $13,000 per year.?Assume that the net loss for the first year of operations was $26,000 with net income of $52,000 in the second year.?What was Thurman's total share of net
income for the second year? A. $17,290 income. B. $19,760 income. C. $ 4,160 income. D. $17,160 income. E. $28,080 income.
Under what circumstances must management include shareholders resolutions in the proxy?
A) If the resolution relates to the corporations business B) If the resolution does not concern the payment of dividends C) If the resolution concerns a policy issue D) B and C only E) A, B, and C