Answer the following statements true (T) or false (F)
In the Trueblood Committee Report, the meaning of the word accountability is limited to the functions of safekeeping of assets and ensuring that they are used in accordance with investors’ purposes.
ANSWER: F
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Jake purchased a $300,000 earthmover for his business. He sold the earthmover for $245,000 after taking $210,000 of depreciation. What is the nature and amount of the gain or loss on the sale?
A. $90,000 Section 1245 ordinary income and $65,000 Section 1231 gain. B. $55,000 Section 1245 ordinary income and $100,000 Section 1231 gain. C. $155,000 Section 1245 ordinary income. D. $155,000 Section 1231 gain.
To use a company's resources for a project that does not contribute to maximizing profits is sometimes acceptable and even sometimes required under the economic model of corporate social responsibility.
Answer the following statement true (T) or false (F)
One element of a just-in-time operating environment is pull-through production, which means that a firm starts production of a product only after an order is received
Indicate whether the statement is true or false
The higher the ratio of number of times interest charges earned, the lower the risk that interest payments will not be made if earnings decrease
Indicate whether the statement is true or false