________ can be defined as the actions of a firm to benefit society beyond the requirements of the law and the direct interests of the firm.
A. Governance
B. Corporate social responsibility
C. Ethics
D. Law
Answer: B
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Lane Outfitters Company, a retailer, accepts payment through credit cards. During August, credit card sales amounted to $12,000. The processor charges a 3% fee. Assuming that the credit card processor uses the gross method, prepare the journal entries, on the books of Lane Outfitters, for the credit card sales and the payment of fees. (Ignore cost of goods sold.) Omit explanation.
What will be an ideal response?
Harry, Tony, and Liza run a partnership firm. In the process of liquidation, the partnership sells non- cash assets, having a book value of $78,000, for $86,000. Which of the following is TRUE of the journal entries?
A) Cash will be credited by $8000. B) Non-cash assets will be credited for $86,000. C) Cash will be credited for $78,000. D) Non-cash assets will be credited for $78,000.
Mr. and Mrs. Eyre own residential rental property that they would like to dispose of in a nontaxable exchange. Which of the following would not qualify as like-kind property?
A. Undeveloped land B. Warehouse used to store transportation equipment C. Commercial office building D. All of the above qualify as like-kind property.
The timing of triggers must be indicated as either BEGIN or END.
Answer the following statement true (T) or false (F)