The corporate officers are responsible for
a. arranging for major loans with banks.
b. determining corporate policy.
c. carrying out corporate policy.
d. appointing the board of directors.
C
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All of the following are different expressions for net income except:
a. Capital b. Excess of revenues over expenses c. Profits d. Earnings
Which of the following items would be considered a cash equivalent if it was held at the balance sheet date?
a. U.S. Treasury bill purchased when there were 90 days until maturity. b. Commercial paper with a 6-month maturity which was purchased at the issue date. c. The common stock of a company traded on the New York Stock Exchange which was purchased 30 days before the balance sheet date. d. U.S. Treasury note which matures 2 years after it is issued and which was purchased 4 months before the balance sheet date.
When a corporate stockholder sells his or her shares of stock, the corporation is technically dissolved
Indicate whether the statement is true or false
The two most widely used methods for determining the cost of inventory are
A) FIFO and LIFO B) FIFO and average C) LIFO and average D) gross profit and average