Which of the following is true of effective delegation?
A. A manager can withhold resources for completion of the delegated task.
B. The ideas of the subordinate should not be taken into consideration during delegation.
C. Throughout the delegation process, the manager and the subordinate must work together.
D. Once a task has been delegated, the manager need not be available.
E. Tasks such as disciplining subordinates and conducting performance reviews are best delegated.
Answer: C
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Identify and explain the two primary objectives of financial statements and the two secondary objectives of financial statements.
What will be an ideal response?
An accounting firm has noticed that of the companies it audits, 85% show no inventory shortages, 10% show small inventory shortages and 5% show large inventory shortages. The firm has devised a new accounting test for which it believes the following probabilities hold: P(company will pass test | no shortage) = .90 P(company will pass test | small shortage) = .50 P(company will pass test | large
shortage) = .20 a. If a company being audited fails this test, what is the probability of a large or small inventory shortage? b. If a company being audited passes this test, what is the probability of no inventory shortage?
The withdrawals account of each partner is:
A) Closed to that partner's capital account. B) Closed to the Income Summary account. C) A permanent account that is not closed. D) Credited with that partner's share of net income. E) Debited with that partner's share of net loss.
An "office audit" is an audit in which the revenue agent visits the taxpayer's office
a. True b. False Indicate whether the statement is true or false