Specific and general are the two types of ____ beneficiaries of corporate behavior
a. Corporate
b. Internal
c. External
d. Intermediary
C
The external beneficiaries of corporate behavior are of two types, specific and general.
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Focus Company sells merchandise with a one year warranty. In 2013, sales consisted of 2,500 units. It is estimated that warranty repairs will average $10 per unit sold, and 30% of the repairs will be made in 2013 and 70% in 2014 . In the 2013 income statement, Focus should show warranty expense of
a. $25,000 b. $7,500 c. $17,500 d. $0 e. $12,500
If a tax-exempt organization is found by the IRS to have paid unreasonable benefits, the individual must pay a tax penalty of 25% of the excess benefit and the individuals who approved the benefits must pay a 10% penalty.
Answer the following statement true (T) or false (F)
Preferred stock received its name because it is generally a better investment than common stock
Indicate whether the statement is true or false
An enabling act is an act approving rules promulgated by an administrative agency
Indicate whether the statement is true or false