A business organization has responsibility only to its shareholders for its ethical decisions
Indicate whether the statement is true or false
false
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Ramirez Stores purchased a trademark at the beginning of 2013 for $340,000 . Economic benefits were expected for 10 years, but the trademark's legal life was 20 years. Also, during 2013, Ramirez incurred research and development costs of $200,000 . The book value of the trademarks at December 31, 2013, is
a. $506,000 b. $306,000 c. $323,000 d. $486,000
The income statement reports all of the following except:
A. The time period over which the earnings occurred. B. Expenses incurred by a business. C. Revenues earned by a business. D. Assets owned by a business. E. Net income or loss earned by a business.
Which of the following describes the duty of loyalty?
a. It requires managers to make decisions they reasonably believe to be in the best interest of the corporation. b. It prohibits managers from making a decision that benefits them at the expense of the corporation. c. It requires consideration of the interests of the surrounding community. d. It requires using care that an ordinarily prudent person would take in a similar situation.
Easton Co. deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on June 30, its Cash account shows a debit balance of $72,209. Easton's June bank statement shows $67,949 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit$7400?Outstanding checks$3125?Check printing fee, not yet recorded by company$39?Interest earned on account, not yet recorded by the company$54? The adjusted cash balance should be:
A. $72,224 B. $64,824 C. $72,263 D. $75,349 E. $72,170