Marjorie is a member of the board of directors of Techno Ko Corp She would like to have the corporation lend her some money so that she can begin another business venture. Which of the following is correct regarding loans of a corporation to one of its directors?
A) The Model Act permits a corporation to lend money to its directors with a majority vote of the other directors.
B) The Sarbanes-Oxley Act prohibits any publicly held corporation from making personal loans to its directors or executive officers, with certain limited exceptions.
C) Both the Model Act and the Revised Act prohibit loans to directors in all cases.
D) The Sarbanes-Oxley Act permits a publicly held corporation to make personal loans to its directors or executive officers only with the consent of the shareholders.
B
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Norwood, Inc purchased a crane at a cost of $80,000 . The crane has an estimated residual value of $5,000 and an estimated life of 8 years, or 12,500 hours of operation. The crane was purchased on January 1, 2015 and was used 2,700 hours in 2015 and 2,600 hours in 2016. Refer to the information for Norwood, Inc Based on this information, what method of depreciation will produce the maximum
depreciation expense in 2015? a. Straight-line b. Double-declining-balance c. Units-of-production d. All methods produce the same expense in 2015.
Depreciation and amortization affect both net income reported in the financial statements and taxable income on tax returns. Which of the following is /are true?
a. Taxing authorities in most jurisdictions specify allowable depreciation methods for tax reporting. b. When permitted to do so by the taxing authority, firms often use different depreciation methods for financial and tax reporting. c. The difference between depreciation expense in the financial statements and the depreciation deduction on the tax return leads to an issue in accounting for income taxes. d. all of the above e. none of the above
A formal written statement of management's plans for the future, expressed in financial terms, is called a budget
Indicate whether the statement is true or false
What retailer, in 2013, suffered a massive security breach that allowed hackers to steal credit and debit card information for millions of customers?
A. JCPenney B. Target C. Macy's D. Kmart E. Sears