Choose the true statement regarding unethical corporate behavior.
A. Business ethics are shaped exclusively by laws and by individual development and virtue.
B. Companies with international activities find it easier to maintain a positive ethical climate.
C. Unethical corporate behavior reveals a company culture that is ethically lax.
D. Managers must adhere to firm standards in different cultural contexts rather than decide when relativism is appropriate.
E. Unethical corporate behavior is the sole responsibility of unethical individuals.
Answer: C
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The net pension liability that must be shown on the balance sheet of the plan sponsor is the:
A. projected benefit obligation. B. accumulated benefit obligation. C. excess of the projected benefit obligation over the fair value of plan assets. D. excess of the accumulated benefit obligation over the plan assets at fair value.
Which of the following statements is correct?
A. Financial statements are prepared after adjustments to ensure that all accounts have been brought to their correct balance. B. Financial statements are prepared before adjustments to ensure that all accounts have been brought to their correct balance. C. Financial statements are prepared before adjustments to ensure that debits equal credits before concluding the adjustment process. D. Financial statements are prepared before adjustments to ensure that debits equal credits before beginning the adjustment process.
During March, a firm expects its total sales to be $160,000, its total variable costs to be $95,000, and its total fixed costs to be $25,000. The contribution margin for March is:
A. $90,000. B. $120,000. C. $25,000. D. $65,000. E. $40,000.
Which of the following would be an example of conservative accounting?
A. Assessing the probability of a contingent liability as probable. B. Estimating the percentage of bad debts as 6% of accounts receivable instead of 10% of accounts receivable. C. Estimating warranty costs to be 4% of sales instead of 9% of sales. D. Estimating that none of the inventory has a market value below cost rather than estimating that some inventory has a market value below cost.