Personal and emotional justifications for ________ include its usefulness as a shortcut and it being a way to redress perceived unfairness.
a. a utilitarian approach
b. deceptive advertising
c. cheating
d. whistle-blowing
e. a lack of corporate governance
c. cheating
People rationalize cheating with justifications that are mainly personal and emotional, including that cheating provides useful shortcuts, and it arises as a way to redress perceived unfairness.
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Answer the following statements true (T) or false (F)
1) The Cost of Goods Sold account is credited to write down the inventory as required by the lower-of-cost-or-market rule. 2) The Merchandise Inventory account is debited to write down the inventory as required by the lower-of-cost-or-market rule. 3) Companies often disclose that the LCM rule is followed in notes to their financial statements. 4) An overstatement of ending merchandise inventory in the current period results in an understatement of net income in the current period. 5) An overstatement of ending merchandise inventory in the current period results in an overstatement of net income in the current period.
If you are writing a formal informational report, you should include an abstract
Indicate whether the statement is true or false.
The UCC deals with unconscionability in a contract by providing that a court may:
a. refuse to enforce the contract. b. enforce the remainder of the contract without the unconscionable clause. c. limit the application of any unconscionable clause as to avoid any unconscionable result. d. All of the above.
Baird Company reported depreciation expense of $27,200 and net income of $50,400 on its Year 1 income statement. During Year 1, the company's accounts receivable balance decreased by $13,600. Based on this information alone, what was the amount of cash flow from operating activities?
A. $50,400 B. $36,800 C. $91,200 D. $77,600