Which of the following statements is true of attorneys?
A) When an attorney's client is a corporation, the attorney-client privilege is void.
B) In-house corporate attorneys are legally forbidden from representing their employers in court.
C) Attorneys may represent their corporate clients in negotiations with labor unions.
D) Attorneys who are hired to draw up contracts and corporate charters are called in-house counsel.
C
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Match the following terms with the appropriate definition.A. Plant assetsB. Stockholders' equity C. Classified balance sheetD. Intangible assetsE. Current ratioF. Closing entriesG. Current liabilitiesH. Long-term investmentsI. Current assetsJ. Unclassified balance sheet____ 1. The owners' claims on the assets of a company.____ 2. Tangible assets that are long-lived and used to produce or sell products or services.____ 3. Cash and other resources that are expected to be sold, collected, or used within one year or the company's operating cycle, whichever is longer.____ 4. Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue, expense, and dividends accounts to the permanent retained earnings account.____ 5. Long-term resources that benefit
business operations, usually lack physical form, and have uncertain benefits.____ 6. Assets that are held for more than the longer of one year or the operating cycle of the company and are not used in operations.____ 7. A balance sheet that organizes the assets and liabilities into important subgroups that provide more information to decision makers.____ 8. Obligations due to be paid or settled within one year or the operating cycle of a business, whichever is longer.____ 9. A balance sheet that broadly groups items into assets, liabilities and equity.____10. A ratio that is used to help evaluate a company's ability to pay its short-term obligations, calculated by dividing current assets by current liabilities. What will be an ideal response?
According to the “born good” philosophy of human nature, which of the following is a person imbued with since birth?
a. a conscience that represents pure goodness b. a soul programmed with both goodness and sin c. inherited sin that must be rejected d. a “tabula rasa”
According to surveys, there has been a shift in recent years from collaborative relationships between sellers and buyers to more adversarial arrangements.
Answer the following statement true (T) or false (F)
Using the labor time standard of 0.5 labor hour per unit and a labor cost standard of $10 per labor hour for a 10 pound bag of chocolate and the following actual cost and usage data, compute the direct labor efficiency variance. Direct labor hours used 4,950 hours Total cost of direct labor $53,460 Number of good units produced 9,000 units
a. $3,960 (F) b. $3,960 (U) c. $4,500 (U) d. $4,500 (F)