The Landrum-Griffin Act provides for federal regulation of internal union affairs
a. True
b. False
Indicate whether the statement is true or false
True
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The ?rst step of the re?ective problem solving approach is to
A) consider possible solutions B) de?ne the problem C) analyze the problem D) establish criteria for a solution
Which phase of the audit opinion formulation process is most commonly thought of as auditing by the general public?
a. Performing risk assessment. b. Obtaining evidence about internal controls. c. Obtaining substantive evidence about accounts. d. Making reporting decisions..
Mary Tappin, an assistant Vice President at Galaxy Toys, was disturbed to find on her desk a memo from her boss, Gary Resnick, to the controller of the company. The memo appears below:GALAXY TOYS INTERNAL MEMOSept 15To: Harry Wilson, ControllerFm: Gary Resnick, Executive Vice PresidentAs you know, we won't start recording many sales until October when stores start accepting shipments from us for the Christmas season. Meanwhile, we are producing flat-out and are building up our finished goods inventories so that we will be ready to ship next month.Unfortunately, we are in a bind right now since it looks like the net income for the quarter ending on Sept 30 is going to be pretty awful. This may get us in trouble with the bank since they always review the quarterly financial reports and may
call in our loan if they don't like what they see. Is there any possibility that we could change the classification of some of our period costs to product costs-such as the rent on the finished goods warehouse?Please let me know as soon as possible. The President is pushing for results.Mary didn't know what to do about the memo. It wasn't intended for her, but its contents were alarming.Required:a. Why has Gary Resnick suggested reclassifying some period costs as product costs?b. Why do you think Mary was alarmed about the memo? What will be an ideal response?
A firms decision to sell its headquarters building at a gain
a. would increase income in the year of sale. b. is not part of the core business. c. would be aggregated with other noncore, nonoperating items. d. reported below operating income, probably as Other Income. e. all of the above