A director who personally competes with the corporation he or she is employed in is said to have breached the duty of obedience
Indicate whether the statement is true or false
FALSE
You might also like to view...
The following items were reported on the balance sheets and income statement for the Flying Mullet Company: Accounts receivable, December 31, 2015 $ 85,000 Accounts receivable, December 31, 2016 98,000 Sales—2016 750,000 How would the change in accounts receivable be reported in the operating activities section of the statement of cash flows under the indirect method?
a. As an addition to sales b. As a deduction from sales c. As an addition to net income d. As a deduction from net income
Rokosz Corporation makes one product and it provided the following information to help prepare the master budget for the next four months of operations:a.The budgeted selling price per unit is $104. Budgeted unit sales for October, November, December, and January are 6,900, 7,100, 11,300, and 15,300 units, respectively. All sales are on credit. b.Regarding credit sales, 30% are collected in the month of the sale and 70% in the following month. c.The ending finished goods inventory equals 20% of the following month's sales. d.The ending raw materials inventory equals 30% of the following month's raw materials production needs. Each unit of finished goods requires 5 pounds of raw materials. The raw materials cost $2.00 per pound. e.The direct labor wage rate is $23.00 per hour. Each
unit of finished goods requires 2.5 direct labor-hours. The estimated direct labor cost for November is closest to: A. $182,620 B. $456,550 C. $19,850 D. $320,000
While performing an audit on the internal controls over financial reporting for AirWaves Corporation, your audit team finds what it considers to be a significant deficiency. AirWaves is a large, private company. What steps would you take to communicate this finding?
What will be an ideal response?
After she finishes working at her main job, Ann returns home, has dinner, then drives to her second job. Ann may deduct the mileage between her first and second job
a. True b. False Indicate whether the statement is true or false