Explain why a three way match may not be required for transactions covered by a trading partner agreement
Under a trading partner agreement the parties contractually agree to terms of trade such as price, quantities to be shipped, discounts, and lead times. With these sources of potential discrepancy eliminated, financial information about purchases is known in advance and the vendor's invoice provides no critical information that cannot be derived from the receiving report. Thus, a three way match is unnecessary.
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Exhibit 15-5 On January 1, 2016, Roberts Company adopts a compensatory share option plan and grants 40 executives 1,000 shares each at $30 a share. The fair value per option is $7 on the grant date. The company estimates that its annual employee turnover rate during the service period of three years will be 4%. ? Refer to Exhibit 15-5. At the end of 2017, the company estimates that the employee
turnover will be 5% a year for the entire service period. At the end of 2018, only 30,000 options vest as only 30 of the 40 executives actually remain. The compensation expense for 2018 will be (Round off turnover calculations to three decimal places and answer to the nearest dollar.) A) $49,957 B) $70,000 C) $80,022 D) $82,575
Kenny and Jeff form a partnership. During the year, Kenny and Jeff withdraw $30,000 and $23,000, respectively. Which of the following will be included in the journal entry to record the withdrawals?
A) debit to Kenny, Withdrawals for $30,000 B) debit to Jeff, Withdrawals for $7000 C) credit to Kenny, Withdrawals for $30,000 D) credit to Jeff, Withdrawals for $23,000
Which of the following statements about sexual harassment in the workplace is accurate?
a. Some EEOC filings involve sexual harassment of males by other males for being too feminine. b. The most common target of sexual harassment is a woman executive. c. The single common criteria for sexual harassment to occur is when a quid-pro-quo condition of employment is present. d. Texting lewd photos has not yet risen to the level of sexual harassment.
What is a gratuitous promise?
A) a promise for which no consideration has been given B) a promise which concerns an illegal subject matter C) a promise which concerns a subject matter contrary to public policy D) a promise for which inadequate consideration has been given E) a promise made to give a tip to a waitress at a restaurant