Conduct is likely to be held to be negligent if:
a. it results in misappropriation
b. it creates an unreasonable risk of harm to others
c. it results in profits for a business at the expense of its employees d. it creates incentives for people to harm others' property
e. none of the other choices
b
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One method for estimating the amount of uncollectibles involves taking a percentage of sales on account
a. True b. False Indicate whether the statement is true or false
A major function of management is to provide the accountant with relevant and useful information
Indicate whether the statement is true or false
Use this information to answer the following question. Northbrook Corporation is preparing a statement of cash flows. The following transactions occurred during the year: 1 . Sold machinery for $9,000 cash. 2 . Purchased a building for $80,000 cash. 3 . Issued $70,000 worth of stock to acquire an airplane. 4 . Converted long-term bonds by issuing $100,000 worth of stock. 5 . Declared and paid a
$10,000 cash dividend. Transaction 3 would be found on the statement of cash flows in the a. cash flows from operating activities section. b. cash flows from financing activities section. c. noncash investing and financing transactions section. d. cash flows from investing activities section.
Held-to-maturity investments are normally reported at ________
A) current market value B) average cost C) amortized cost D) historical cost