During 2014, Ongoing Company became involved in a tax dispute with the IRS. At December 31 . 2014, Ongoing's tax adviser believed that an unfavorable outcome was probable and a reasonable estimate of additional taxes was $450,000 but could be as much as $650,000 . After the 2014 financial statements were issued, Ongoing received and accepted an IRS settlement offer of $550,000 . What amount of
accrued liability would Ongoing have reported in its December 31 . 2014, balance sheet?
a. $650,000
b. $550,000
c. $450,000
d. $0
C
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With the equity method, the investor recognizes its share of the earnings of the subsidiary when the
A) investor sells the investment. B) investee pays a cash dividend. C) investee declares a cash dividend. D) investee reports earnings on its income statement.
The accounts in the general column of the combination journal should be posted
a. daily; b. weekly; c. at the end of the accounting period; d. whenever there is time; e. never
If you want to manufacture products in small batches with high quality, low costs, and in a flexible manner, you would choose a ______.
A. cellular layout B. process layout C. product layout D. continuous layout
The ______ is one way “multinational-ness” of the organizational context affects management over and above what happens in a purely domestic context. It involves extremes that occur in a management factor which makes its relationship with other factors more obvious in the multinational organization than in purely domestic organizations (e.g., a manager’s ties to the local environment).
A. frequency of occurrence B. management contacts C. functional relationships D. unique constructs