Answer the following statement(s) true (T) or false (F)
1. Emotional tagging occurs when the memories that form the basis for pattern recognition are tagged with emotions.
2. According to the study done by Duke University and the Kauffman Foundation, most successful founders of new businesses start their businesses in their twenties—people who wait until later become too set in bureaucratic molds to become innovative entrepreneurs
3. According to the CIP model, ideological leaders use a vision-based approach to help them focus on future outcomes, change, and a promise of a better future.
4. According to the study in which participants were randomly assigned to be either managers or clerks, the managers had an advantage in terms of emotional displays because their natural emotional reactions made them seem enthusiastic and motivated, whereas the emotional displays of the clerks made them seem bored and unmotivated.
1. TRUE
2. FALSE
3. FALSE
4. TRUE
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The financial statements of Bollinger Corporation for 2014 and 2015 contained the following errors: 2014 2015 Ending Inventory $14,000 overstated $20,000 understated Rent Expense $4,800 understated $6,600 overstated Assuming that none of the errors were detected or corrected, by what amount will 2015 operating income be overstated or understated?
a. $40,600 understated b. $35,800 understated c. $27,800 understated d. $13,400 overstated
Creating a culture of honesty and high ethics includes all of the following except:
a. having internal and external auditors who provide independent checks on performance. b. communicating expectations throughout the organization. c. hiring the right kind of employees. d. making sure top management models appropriate behavior. e. All of the choices are ways of creating a culture of honesty and high ethics.
On January 1, a company issues bonds dated January 1 with a par value of $680,000. The bonds mature in 3 years. The contract rate is 7%, and interest is paid semiannually on June 30 and December 31. The bonds are sold for $662,000. The journal entry to record the first interest payment using straight-line amortization is:
A. Debit Interest Payable $23,800; credit Cash $23,800. B. Debit Interest Expense $20,800; debit Discount on Bonds Payable $3000; credit Cash $23,800. C. Debit Interest Expense $23,800; credit Premium on Bonds Payable $3000; credit Cash $20,800. D. Debit Interest Expense $26,800; credit Discount on Bonds Payable $3000; credit Cash $23,800. E. Debit Interest Expense $23,800; credit Cash $23,800.
The UPA grants each partner the right to an account whenever:
A) his partners wrongfully exclude him from the partnership business. B) a partner makes a profit in violation of his fiduciary duty. C) circumstances render it just and reasonable. D) All of these are reasons a parter may demand an account.