The two ways that a corporation can be classified by ownership are
A) stock and non-stock.
B) inside and outside.
C) majority and minority.
D) for profit or not-for-profit.
D
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The traditional defenses of contributory negligence and comparative negligence do not apply in a negligence action against an accountant.
Answer the following statement true (T) or false (F)
In order to calculate the third year's depreciation on an asset using the sum-of- the-years'-digits method, which of the following must be known about the asset?
a. Its acquisition cost b. Its estimated salvage value c. Its estimated useful life d. All of these must be known.
Record keeping in a standard costing system is simplified because all units transferred out of a department are valued at:
a. Budgeted costs. b. Standard production cost for each component. c. Normal costs. d. Actual production costs.
Doing things more cheaply, quickly, and efficiently through the routinization, standardization, and formalization of what is already known and done is referred to as __________________.
a. Imitation of knowledge b. Exploration of knowledge c. Exploitation of knowledge d. Formalization of knowledge