Employment law arises from a variety of sources. Name and briefly discuss each of them
E
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Which of the following is not true?
a. Firms reclassify gains and losses initially classified in other comprehensive income into net income when a confirming event subsequently occurs. b. Firms close amounts in other comprehensive income for a period to Accumulated Other Comprehensive Income at the end of the period. c. Net income includes gains and losses from sales or exchanges of assets or settlements of liabilities related incidentally or peripherally to the firm's core business. d. Authoritative guidance classifies gains and losses from the remeasurement of certain assets and liabilities as either net income or other comprehensive income. e. The FASB's and IASB's conceptual framework contains a conceptual model for classifying items in net income versus in other comprehensive income.
A way to account for petty cash by maintaining a constant balance in the petty cash account and which at any time requires that cash plus petty cash tickets must total the amount allocated to the petty cash fund, is known as the ________
A) control system B) voucher system C) balanced system D) imprest system
Which of the following statements is CORRECT?
A. The term "IPO" stands for Introductory Price Offered, and it is the price at which shares of a new company are offered to the public. B. IPO prices are generally established by the market, and buyers of the new stock must pay the price that prevails at the close of trading on the day the stock is offered to the public. C. In a "Dutch auction," investors who want to buy shares in an IPO submit bids indicating how many shares they want to buy and the price they are willing to pay. The company determines how many shares it wants to sell. The highest price that enables the company to sell the desired number of shares is the price that all buyers must pay. D. It is possible that the price set in an IPO is so high that investors will refuse to buy the number of shares that the company wants to sell. In this situation, the IPO is said to be oversubscribed. E. It is possible that the price set in an IPO is so low that investors will want to buy more shares than the company wants to sell. In that case, the company will have to issue more shares than it wants to sell.
A firm could lease the equipment in the previous questionfor $3,700 a year. If the firm purchased the equipment for $10,000, the maintenance expense will be $350 a year; depreciation is $2,500 annually, and the firm pays $250 to have the equipment removed. Construct projected annual cash outflows for each alternative. Assume a 25% income tax rate. Is leasing the better alternative if the firm uses 10 percent cost of funds?
What will be an ideal response?