When uncertainty is high, plans should be ________ and ________.
A. specific; flexible
B. directional; standing
C. short-term; directional
D. general; informal
Answer: A
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When a member of a limited liability company guarantees payment of a loan to the firm, the member is personally liable for the obligation.
Answer the following statement true (T) or false (F)
A critical element of this step in the ethical decision-making process will be the consideration of ways to mitigate, minimize, or compensate for any possible harmful consequences or to increase and promote beneficial consequences. Which step is this?
A. Identifying the ethical issues B. Comparing and weighing alternatives C. Considering available alternatives D. Monitoring the outcomes
Complete the following chart for items a through d, describing the accounting treatment using the number by one of the following four approaches listed as follows. (Assume that the firm does not elect the fair value option): APPROACHES (1) Measured at fair value with changes recognized in net income. (2) Measured at amortized cost. (3) Measured at fair value with changes recognized initially in
other comprehensive income. (4) Measurement depends on whether firm uses hedge accounting. In the third column of the chart, present your explanation regarding this approach. Marketable security/derivative Approach Explanation a. A derivative judged to be effective used to hedge forecasted sales. b. Derivatives appearing as liabilities. These derivatives do not hedge assets or liabilities or forecasted transactions. c. Debt securities that the firm has purchased with the ability to hold to maturity. After the current year, the firm's intent to hold the securities until maturity is uncertain. The firm frequently buys and sells debt of this sort. d. Marketable equity securities held for an indefinite period as available-for-sale securities.
Retailing is best characterized by which of the following?
a. independent ownership dominating sales b. franchise organizations dominating sales c. ease of entry into the marketplace d. vertical marketing systems being fully integrated