Reyna is a runner for a large law firm. Her duties include purchasing supplies for the copy room. Reyna was given permission by the office manager to sign credit-card receipts when making purchases. Reyna has been given ____ to use the firm's credit card.
A. responsibility
B. obligation
C. authority
D. staff centrality
E. accountability
Answer: C
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McDonald Corp owns a building with an original cost of $2,000,000 and accumulated depreciation at the balance sheet date of $300,000 . Based on a recent appraisal, the fair value of the building is $1,800,000. REQUIRED: 1 . At what amount will the
building be reported on the year-end balance sheet if McDonald follows U.S. GAAP? 2 . Does McDonald have a choice in the amount to report for the building if instead it follows IFRS? What are those choices?
GAAP allows the use of either the direct or indirect method but prefers the direct method. Companies who use the indirect method must also include a separate schedule reconciling net income to net cash flow provided by operating activities
Indicate whether the statement is true or false
Which statement is a legitimate challenge to utilitarian ethical theory?
A. There is no consensus among utilitarians on how to measure and determine the overall good. B. It is difficult for the utilitarian to find a balance between individual freedom and the overall good. The more utilitarians emphasize freedom, the more likely they hold more relativistic accounts of the good. C. It is difficult to know how to consider the consequences for all the parties that will be affected by an act. D. The ends do not justify the means. E. All of the answers are correct. F. None of the answers are correct.
Sole proprietorships in the United States generate more business (in terms of receipts) than partnerships and corporations put together
Indicate whether the statement is true or false