The primary purpose of the Advertising Self-Regulatory Council is to
A. promote and enforce standards of truth, accuracy, taste, morality, and social responsibility in advertising.
B. promote the benefits of advertising to its critics.
C. supplant the Federal Trade Commission as the chief advertising regulatory agency.
D. work with the Department of Justice to prevent any one company from monopolizing a particular medium.
E. set up and maintain a consumer review board to approve all advertising.
Answer: A
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Nick, a builder, contracts with the city of Chicago to build a new convention center. Jack, a hotel owner, stands to benefit once the convention center is built. Jack decides to sue Nick if Nick backs out of the contract. Which of the following statements is true of this scenario?
A. Jack can sue Nick because he is a donee beneficiary. B. Jack can sue Nick because Jack is a citizen of Chicago. C. Jack cannot sue Nick because he is a creditor beneficiary. D. Jack cannot sue Nick because he is an incidental beneficiary.
The most recent comparative balance sheet of Giacomelli Corporation appears below:Comparative Balance Sheet Ending BalanceBeginning BalanceAssets: Current assets: Cash and cash equivalents$37,000 $29,000 Accounts receivable 20,000 24,000 Inventory 65,000 61,000 Prepaid expenses 5,000 7,000 Total current assets 127,000 121,000 Property, plant, and equipment 424,000 399,000 Less accumulated depreciation 231,000 200,000 Net property, plant, and equipment 193,000 199,000 Total assets$ 320,000 $ 320,000 Liabilities and stockholders' equity: Current liabilities: Accounts payable$19,000 $17,000 Accrued liabilities 58,000 51,000 Income taxes payable 47,000 42,000 Total
current liabilities 124,000 110,000 Bonds payable 77,000 80,000 Total liabilities 201,000 190,000 Stockholders' equity: Common stock 31,000 30,000 Retained earnings 88,000 100,000 Total stockholders' equity 119,000 130,000 Total liabilities and stockholders' equity$ 320,000 $ 320,000 The company uses the indirect method to construct the operating activities section of its statement of cash flows.Which of the following is correct regarding the operating activities section of the statement of cash flows? A. The change in Prepaid Expenses will be subtracted from net income; The change in Income Taxes Payable will be added to net income B. The change in Prepaid Expenses will be subtracted from net income; The change in Income Taxes Payable will be subtracted from net income C. The change in Prepaid Expenses will be added to net income; The change in Income Taxes Payable will be subtracted from net income D. The change in Prepaid Expenses will be added to net income; The change in Income Taxes Payable will be added to net income
In a small business, because it is often cost-prohibitive to hire extra employees, the lack of certain separations of duties can best be overcome by
a. hiring only honest employees. b. bonding the employees. c. holding one person responsible for a given set of transactions. d. getting the owner actively involved.
Most companies adopt ABC in order to
A. cut costs. B. help make product mix decisions. C. get a more accurate price of products. D. all of the above are correct.