Which of the following refers to a merger in which some shareholders are required to surrender their shares in the disappearing corporation for cash?
a. Illegal merger
b. Termination merger
c. Surrender consolidation
d. Freeze-out merger
d
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Match the following terms with the appropriate definition.A. Permanent accountsF. Work sheetB. Accounting cycleG. Closing entriesC. Temporary accountsH. Post-closing trial balanceD. Working papersI. Operating cycle of a businessE. Income summaryJ. Pro forma statements____ 1. Various analyses and internal documents prepared by accountants when organizing information for internal and external decision makers.____ 2. The time span from when cash is used to acquire goods and services until cash is received from the sale of those goods and services.____ 3. A temporary account only used for the closing process that contains a credit for the sum of all revenues and a debit for the sum of all expenses.____ 4. A widely used working paper that is a useful tool for preparers in working with
accounting information, usually not available to external decision makers.____ 5. A list of permanent accounts and their balances from the ledger after all closing entries are journalized and posted.____ 6. Recurring steps in preparing financial statement performed each accounting period, beginning with analyzing transactions and ending with a post-closing trial balance or reversing entries.____ 7. Entries used to transfer end-of-period balances in revenue, expense, and dividends accounts to the permanent retained earnings account. ____ 8. Statements that show the effects of proposed transactions as if the transactions had already occurred.____ 9. Accounts that report on activities related to one or more future accounting periods; they carry their ending balances into the next period.____10. Accounts that accumulate data related to one accounting period only; they include income statement accounts, dividends, and the Income Summary account. What will be an ideal response?
Which of the following is NOT true regarding the PCAOB?
a. The PCAOB is a governmental sector regulatory body. b. The PCAOB is overseen by the SEC. c. The PCAOB was established by the Sarbanes-Oxley Act. d. The PCAOB has authority to set auditing standards.
Which of the following clauses ensures that a basic loop runs at least once?
A. EXIT WHEN B. WHERE C. CASE D. LOOP
When does a patent enter the public domain?
A) when the patent has been challenged in court and found to be an infringement B) when the patent term period has expired C) when the government deems that the practical purpose of the invention is universally applicable and cannot be controlled by one individual or group of people D) when the invention is either obvious or not a novel one