North American Properties, Inc, and its officers, directors, and shareholders, buy and sell securities. Section 16(b) of the Securities Exchange Act of 1934 covers
a. all purchases and sales of securities.
b. only purchases and sales of securities involving misappropriation.
c. only purchases and sales of securities involving short-swing profits.
d. only purchases and sales of securities involving tippers and tippees.
c
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The internal rate of return method uses cash flows rather than net income.
Answer the following statement true (T) or false (F)
If an agent indulges in commingling, he ________.
A. will not be liable for any loss to the principal if the property is not wrongfully used B. bears the risk of any loss to the principal C. probably will not be liable for loss to the principal D. is breaching the duty to communicate information
A manufacturer of audio equipment employing an activity-based cost hierarchy uses the unit, batch, product, and facility levels to classify its activities. A batch-level activity is
a. testing products. b. inspection. c. implementation of engineering changes. d. maintenance of the building.
In preparing statements from the adjusted trial balance, the balance sheet must be prepared first.
Answer the following statement true (T) or false (F)