Which of the following responsibilities of business did Pork producer Smithfield Foods take on by discontinuing the practice of confining sows in gestation crates during pregnancy, even though doing so was not legally required?
A. legal responsibility
B. philanthropic responsibility
C. economic responsibility
D. ethical responsibility
E. financial responsibility
Answer: D
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Which relationship might suggest a heightened risk of fraud in the acquisition and payment cycle?
a. Unexpected increases in the number of suppliers. b. A reduction in raw material costs. c. Maturing capital assets with no plan for replacement. d. Sales expenses growing in proportion to sales revenue.
The basic difference between a good and a service is that a good
A. is more quickly forgotten by consumers. B. can be physically touched. C. is always less expensive than a corresponding service. D. provides intangible benefits. E. generates greater interest among consumers.
Catastrophe bonds are made available to institutional investors in the capital markets through an entity that is specially created for that purpose. This is entity is called a
A) risk retention group. B) fraternal insurance company. C) captive insurance company. D) special purpose reinsurance vehicle.
On January 1, Wonderland, Inc. signed a $260,000, 7%, 30-year mortgage that requires semiannual payments of $10,423 on June 30 and December 31 of each year. The journal entry to record the first semiannual payment would be (round interest calculation to the nearest dollar) to:
A) debit Mortgage Payable, $10,423; credit Cash, $10,423. B) debit Interest Expense, $1,323; debit Mortgage Payable, $9,100; credit Cash, $10,423. C) debit Interest Expense, $9,100; debit Mortgage expense, $1,323; credit Cash, $10,423. D) debit Interest Expense, $9,100; debit Mortgage Payable, $1,323; credit Cash, $10,423.