Pluto accuses Quark, an accountant, of committing defalcation. This is
A. embezzlement.
B. general misconduct.
C. professional negligence.
D. throwing something out of a window.
Answer: A
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Joe pays Ann to mow his lawn, but Ann mows Donna's lawn by mistake. Donna peeps out her window and sees Ann mowing, yet says nothing to Ann about her mistake as Donna needs to have her lawn mowed. When Ann approaches Donna for payment, Donna refuses, arguing that she had never asked Ann to mow her lawn. Under these circumstances, Ann can recover payment from Donna on a(n) ________ contract basis.
A. executory B. void C. quasi D. express
R Company registered a patent on January 1, 2015. P Company purchased the patent from R Company for $450,000 on January 1, 2020, and began to amortize the patent over its remaining legal life. In early 2021, P Company determined that the patent's economic benefits would last only until the end of 2025. What amount should P Company record for patent amortization in 2021?
A) $90,000 B) $84,000 C) $70,000 D) $30,000
Current liabilities are obligations of a company that it expects to liquidate within
A) one year. B) the normal operating cycle. C) the normal operating cycle or one year, whichever is longer. D) the normal operating cycle or one year, whichever is shorter.
Which of the following is the most logical budget-setting method?
A) percentage-of-sales method B) affordable method C) competitive-parity method D) objective-and-task method E) push method