Explain what having integrity means.
What will be an ideal response?
Integrity is the quality of honesty and trustworthiness. People with integrity take responsibility for their actions and are dependable. They “walk the talk.”
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What is a prior-period adjustment?
How and when is a prior-period adjustment recorded?
Orin is a shareholder of Pinkwater Corporation. In some states, Orin might incur personal liability for Pinkwater obligations if he
A. accepts a dividend knowing that it was paid from retained earnings. B. buys stock for less than its fair-market value. C. fails to fulfill his fiduciary duty to the majority shareholders. D. sells his shares.
Which of the following statements is CORRECT?
A. In a capital budgeting analysis where part of the funds used to finance the project would be raised as debt, failure to include interest expense as a cost when determining the project's cash flows will lead to an upward bias in the NPV. B. In a capital budgeting analysis where part of the funds used to finance the project would be raised as debt, failure to include interest expense as a cost when determining the project's cash flows will lead to a downward bias in the NPV. C. The existence of any type of "externality" will reduce the calculated NPV versus the NPV that would exist without the externality. D. If one of the assets to be used by a potential project is already owned by the firm, and if that asset could be sold or leased to another firm if the new project were not undertaken, then the net proceeds that could be obtained should be charged as a cost to the project under consideration. E. If one of the assets to be used by a potential project is already owned by the firm but is not being used, then any costs associated with that asset is a sunk cost and should be ignored.
Anyone who wrongfully obtains inside information and trades on it for his or her personal gain can be liable under SEC Rule 10b-5.
Answer the following statement true (T) or false (F)