The process of assessing, on a benefit-and-cost basis, all activities to justify their existence is called:
Answer: Zero-base budgeting.
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Which of the following is not one of the seven ethical principles outlined as the core of EML?
a. acting in according with one’s own (developed) sense of values or principles pertaining to justice and what is right b. speaking and acting truthfully—having integrity c. making good decisions and solving problems effectively d. acting authentically with transparency
In February 2018, the storage building used in Amelia's business is damaged by a windstorm. It had an adjusted basis of $150,000 at that time. Due to changing insurance companies, the building had been appraised recently, with a resulting FMV of $200,000. After the storm, the building appraised at $120,000. Amelia has received no insurance reimbursement by December 31, but expects to recover 90 percent of the loss. In the subsequent year, the insurance company pays Amelia $50,000. Amelia's AGI is $85,000 in 2018, and her 2019 AGI is $80,000. Amelia suffers no other casualty losses in either year. Amelia may deduct
A. $30,000 loss in 2018 and $0 in 2019. B. $8,000 loss in 2018 and $22,000 loss in 2019. C. $0 loss in 2018 and $30,000 loss in 2019. D. $80,000 loss in 2018 and $50,000 gain in 2019.
Decision variables:
A) measure the objective function. B) measure how much or how many items to produce, purchase, hire, etc. C) always exist for each constraint. D) measure the values of each constraint.
Identify the accounts that would normally have balances in the debit column of a business's trial balance.
A. Liabilities and expenses. B. Revenues and expenses. C. Assets and revenues. D. Liabilities and dividends. E. Assets and expenses.