When Jim resigned from his position at a tech firm, the terms of his ownership remained unclear. He had some ownership in the company, but the company had grown significantly from the time when he originally negotiated the terms. He and the majority owner decide to meet to resolve their disagreement. Before the meeting they each outline their objectives and goals regarding the situation. At the beginning of the meeting, they set ground rules and expectations for the negotiations. According to the negotiation process outlined in your text, what should be their next step?
A. provide supporting evidence for their positions
B. bring in a consultant to study the problem
C. implement a third-party plan
D. write and sign a formal agreement
A. provide supporting evidence for their positions
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The bank informs a customer that a service charge has been assessed on their account by including a credit memorandum in the monthly bank statement
a. True b. False Indicate whether the statement is true or false
Under U.S. GAAP, the classification of interest expense as an operating activity and dividends paid on common or preferred shares as a financing activity appears inconsistent to some observers as both are payments to suppliers of funds. Authoritative guidance requires the different treatments because
a. interest is an expense in computing net income. b. dividends represent a distribution of assets generated by net income not an expense reducing net income. c. interest represent a distribution of assets generated by net income not an expense reducing net income. d. dividends is an expense in computing net income. e. both choices a and b are correct.
One of the provisions of the USA PATRIOT Act is ensure that every designated firm creates the position of compliance officer. Which of the items below is not one of the key duties?
a. Approve a written antimoney laundering program b. Written policies, procedures, and controls to prevent and detect money laundering c. Administering the firm’s computer monitoring program d. An ongoing employee training program
Nicole regularly inflates invoices to get a larger commission on her sales. She knows that most sales people at her organization inflate their invoices by about 20%. Nicole only inflates hers by 10 percent. She figures if anyone gets caught, hers will look like honest mistakes compared to the others. It appears Nicole’s justification for her unethical behavior is:
A. Disregard or distortion of consequences B. I did it for the good of others or the company C. I was only following orders D. I’m not as bad as the others