Which organization is responsible for establishing accounting principles for governmental entities? By whom was this organization established?
What will be an ideal response?
The organization that is responsible for establishing accounting principles for governmental entities is the GASB (Governmental Accounting Standards Board). The Financial Accounting Foundation has oversight responsibility for the GASB, as it does for the FASB.
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Under the FLSA, which statement is true of child labor?
A. Children aged 14 and 15 may not be employed in any work associated with interstate commerce. B. The FLSA's restrictions on the use of child labor apply to children younger than 18. C. All the states have laws requiring working papers or work permits for minors. D. Children aged 18 and 19 may not be employed in hazardous occupations defined by the Department of Labor. E. Children aged 18 and 19 may work only outside school hours, in jobs defined as nonhazardous, and for limited time periods.
Authorization to dispose of fixed assets should be issued by the user of the asset
Indicate whether the statement is true or false
When the parties do not agree on the duration of the agency and the agent has incurred substantial expenses in completing the agency, a court will likely hold that:
A. the principal cannot terminate the agency until after the agent has had a reasonable time to try to earn the expected commission. B. only the principal can terminate the agency and the courts cannot hold the agent liable for any expenses incurred by the agent during the agency period. C. the principal will be required to indemnify the agent if some fault of the agent causes a loss. D. the agency relationship must be terminated immediately to avoid unjust enrichment.
The first step in constructing a personal code or mission for a firm is to:
A. identify clear steps as to how the cultural shift will occur. B. articulate a clear vision regarding the firm's direction. C. believe that the culture is actually possible and achievable. D. ask oneself what one stands for or what the firm stands for.