Cara and Dru are officers of EZ Trucking Corporation. As corporate officers, the rights of Cara and Dru are
A. determined by their employment contracts.
B. specified in state corporation statutes.
C. the same as those of the directors.
D. the same as those of the shareholders.
Answer: A
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Many off-balance-sheet financings fall into one of two categories that accounting typically does not recognize as liabilities: executory contracts and contingent obligations
Indicate whether the statement is true or false
When is taking out a subprime loan to buy a house most likely to be a reasonable financial decision?
A) Qualifying for a conventional loan is impossible. B) Owning a home is an important life goal for the borrower. C) Adjustable rates are likely to be higher than fixed rates. D) The borrower reasonably expects to have greater financial means in the near future. E) The previous owner of the house took out a subprime loan.
What effect does depreciation expense have on net income and cash flows?Net IncomeCash Flows
A.
| Decrease | None |
B.
| Increase | Increase |
C.
| Decrease | Decrease |
D.
| Decrease | Increase |
Departmental contribution to overhead is calculated as the amount of sales of the department less:
A. Direct and indirect costs. B. Product and period costs. C. Direct expenses. D. Controllable costs. E. Joint costs.