Who bears ultimate responsibility for the financial statements?
A. Management of the organization.
B. The external auditor that audits the statements.
C. Management of the organization, equally with the external auditor that audits the statements.
D. Management and the shareholders of the organization.
Answer: A
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Austin invests $80,000 for a 20 percent interest in a partnership that has capital totaling $300,000 after admitting Austin. Which of the following is true?
A) The original partners received a bonus of $20,000. B) Austin received a bonus of $20,000. C) Austin's capital is $80,000. D) The original partners' capital in the business was $240,000 before admitting Austin.
Derek is writing a short report about his findings on the attitudes of custodial employees on the job. The audience for the report is Physical Plant management for the company. Which of the following formats should Derek use?
a. letter format b. memo format c. form report d. formal report
You are about to conduct a formal meeting with 25 attendees in the boardroom. What guide would you use to ensure orderly communication of ideas and participation?
a. Building High Performance Teams b. The APA Style Manual c. Robert's Rules of Order d. The organizational chart
Which of the following is true of the process of eminent domain?
A) It does not allow the property owner to make a case for keeping the property. B) It requires payment of compensation by the government. C) It does not apply to state and local governments. D) It allows the government to set up zoning areas.