Distinguish between formal and informal reports
A formal report is carefully structured; it is logically organized and objective, contains much detail, and is written in a style that tends to eliminate such elements as personal pronouns. An informal report is usually a short message written in natural or personal language. An internal memo generally can be described as an informal report.
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Passing the buck or procrastinating about a decision are examples of which type of reaction to a challenge?
A. Panic B. Relaxed avoidance C. Relaxed change D. Decreased involvement E. Defensive avoidance
The master budget includes individual budgets for sales, production or merchandise purchases, various expenses, capital expenditures, and cash.
Answer the following statement true (T) or false (F)
On January 1, 2020, Mazzeo Company, a calendar-year company, issued $1,600,000 of notes payable, of which $400,000 is due on January 1 for each of the next four years. Ignoring interest, the proper balance sheet presentation on December 31, 2020, is
a. Current Liabilities, $1,600,000. b. Long-term Debt, $1,600,000. c. Current Liabilities, $800,000; Long-term Debt, $800,000. d. Current Liabilities, $400,000; Long-term Debt, $1,200,000.
Which of the following is true?
a. Convergence of IASB and FASB standards will be a major step towards international harmonization. b. The IASB has reduced disclosure requirements. c. The IASB has increased the allowed number of treatment in particular event areas. d. FASB and the IASB have not yet committed to convergence of IFRS and U.S. GAAP.