Fact Pattern 41-3AAtlantic Corporation's articles of incorporation prohibit a sale of its assets without a vote of the board of directors. Atlantic's officers sell some assets to Pacific Company without notice to the board. The officers also fail to pay Atlantic's taxes on time, and some Atlantic funds are not accounted for.Refer to Fact Pattern 41-3A. With respect to Atlantic's shareholders, this conduct is most likely
A. not oppressive because it is undertaken by Atlantic's officers.
B. oppressive because Atlantic's directors may be personally liable.
C. oppressive because Atlantic's shareholders may be personally liable.
D. oppressive because it departs from the standards of fair dealing.
Answer: D
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On December 10 of the current year, XTREME Sports Inc receives an advance of $50,000 from a hockey team for 20,000 custom-made shirts with the team's logo, which the team intends to distribute to fans entering a hockey game during the first week in January. XTREME Sports Inc completes the manufacturing of the shirts on December 30, intending to ship them on December 31 before its accounting
period ends. Unfortunately, a snowstorm on December 31 prevented their shipment. XTREME Sports Inc recorded this transaction as a sale for December, and reduced its inventory accordingly. It set the items aside in its shipping room on December 31 with a clear sign to its own personnel conducting a physical inventory on that date and to its auditors who were observing the count that the items were not to be counted as inventory. These actions a. are in accordance with U.S. GAAP. b. are in accordance with IFRS. c. violate ethical principles. d. are in accordance with U.S. GAAP, but not IFRS. e. are in accordance with IFRS, but not U.S. GAAP.
Did the company conceive its mission adequately? If not, how else would you define the mission?
What will be an ideal response?
American Airlines conducts ongoing in-flight surveys to assess passengers' perceptions of the ticket buying process, gate agents, flight attendants, food and beverage service, condition/comfort of airplanes and adherence to departure/arrival schedules. American Airlines' research provides feedback on ________ measurements.
A. Formal B. Informal C. Basic D. Soft E. Hard
In the context of the human compromises in decision making, ________ interferes with good decisions when the decision maker focuses more on justifying an alternative than on weighing alternatives against previously defined criteria.
A. personification B. generalization C. simplification D. rationalization