Distinguish between a rejection of an offer and a revocation of an offer
Revocation and rejection are both methods of terminating an offer, but they differ in who does the termination. Revocation of an offer is the cancellation or the withdrawal of an offer by an offeror before its acceptance. The rejection of an offer is the refusal of an offeree to accept an offer.
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Select the incorrect statement about budgeting committees.
A. Budget committees usually have responsibility for the coordination of budgeting activities. B. Membership on the budget committee is restricted most often to accountants because the budget involves numbers. C. The budget committee is responsible for settling disputes between various departments over budget matters. D. One of the responsibilities of the budget committee is to monitor the organization's progress toward achieving its budget standards.
In the United States a copyright generally lasts for ________.
A. the life of the author plus 70 years B. the life of the author C. the life of the author or 50 years, whichever comes first D. the life of the author or 70 years, whichever comes first
Clayton Drug Company purchases a patent from its creator. Which of the following is/are true?
a. A patent has a legal life of up to 40 years. b. Management's expectations of technological change may lead to a higher economic life than the legal life. c. Clayton should amortize the acquisition cost of the patent over its expected useful life, equal to the shorter of the economic life and the legal life. d. Clayton should amortize the acquisition cost of the patent over its legal life. e. Clayton should amortize the acquisition cost of the patent over its economic life.
A new manufacturing machine is expected to cost $278,000, have an eight-year life, and a $30,000 salvage value. The machine will yield an annual incremental after-tax income of $35,000 after deducting the straight-line depreciation. Compute the accounting rate of return for the investment.
A. 23.4%. B. 12.2%. C. 24.5%. D. 22.7%. E. 46.9%.