Which of the following can provide a structure that facilitates investments in socially beneficial, for-profit ventures?
a. S corporation
b. low-profit, limited liability company (L3C)
c. limited partnership
d. limited liability partnership
ANSWER: b
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Performance measures are used in
a. the "perform" stage of the management process. b. the "evaluate" stage of the management process. c. the "communicate" stage of the management process. d. all stages of the management cycle.
Of the three cost-flow assumptions, when inventory costs have been rising and inventory amounts increasing, LIFO results in balance sheet figures that are _____, cost of goods sold will _____, and _____ reported net income
a. closest to current cost, be out of date, highest b. out of date, closest to current cost, highest c. closest to current cost, be out of date, lowest d. out of date, closest to current cost, lowest e. closest to current cost, closest to current cost, highest
If practical, firms account for voluntary changes in accounting principles, such as from a LIFO to a FIFO cost-flow assumption for inventories, by retrospectively restating net income of prior periods and adjusting the beginning balance in Retained Earnings of the current period
Indicate whether the statement is true or false
Which statement regarding project selection is BEST?
A) Organizational reality can be perfectly captured by most decision-making models. B) Before selecting any project, the team should identify all the relevant issues that play a role in project selection. C) Decision models must contain either objective or subjective factors. D) Every decision model has both objective and subjective factors.