A corporation may be authorized to issue both common and preferred stock.
Answer the following statement true (T) or false (F)
True
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In Goodrich Corp. v. Town of Middlebury, there were two public landfills that were designated as Superfund sites. The principally responsible parties formed a coalition to sue several municipalities for assistance in cleanup costs. During the litigation, a special master was appointed to determine which parties contributed waste and how much each contributed. When the case went to trial, the district court chose not to follow the determinations of the special master; instead, the court itself determined the liability of the municipalities. The decision was appealed. The appellate court determined that disregarding the special master's determination of liability was
A. not permissible because the district court was legally bound by the Superfund to accept the liability findings of the special master. B. not permissible because there was no error of law in the determination of liability. C. permissible because the special master should not have been appointed. D. permissible for the district court because it was within its rights to determine that the municipalities were more liable than the special master had determined.
Bonds are typically issued in denominations of $10,000
a. True b. False Indicate whether the statement is true or false
Match each of the following terms with the appropriate definition.________ (1) Direct materials________ (2) Indirect costs________ (3) Product costs________ (4) Prime costs________ (5) Fixed costs________ (6) Direct labor________ (7) Period costs________ (8) Conversion costs________ (9) Factory overhead________ (10) Variable costs(a) Costs that are expensed to the income statement in the period incurred..(b) Costs that change in proportion to changes in volume of activity.(c) The efforts of employees who physically convert materials to finished products.(d) Manufacturing costs that cannot be separately or readily traced to finished goods.(e) Costs necessary to create a product..(f) Costs incurred in the process of converting raw materials to finished
products; include direct labor and factory overhead.(g) Tangible components of a finished product separately and readily traced through the manufacturing process.(h) Costs directly associated with the manufacture of finished products; include direct materials and direct labor.(i) Costs that do not change in total with changes in the volume of activity.(j) Costs that cannot be easily and cost-beneficially traced to a single cost object. What will be an ideal response?
International Accounting Standard 8 requires
a. a restatement of prior years' income for a change in accounting principle. b. the reporting of the cumulative effect of a change in accounting principle as part of net income in the year of the change. c. the reporting of the cumulative effect of a change in accounting principle as a direct adjustment to beginning retained earnings in the year of the change. d. the amortization of the cumulative effect of a change in accounting principle over the future periods expected to be affected by the change.