In most states, if a contract is disaffirmed due to intoxication, both parties must be returned to
the status quo.
Indicate whether the statement is true or false
TRUE
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When accounting for self-contained foreign subsidiaries, the parent company uses which one of the following methods for the translation of its financial statements into dollars?
A. Present value rate B. Current rate C. Historical rate D. Future value rate
What is it called when companies focus on the things they do best and outsource other functions to key partners?
Fill in the blank(s) with the appropriate word(s).
Which statement below about a corporation's reputation is true?
A) Most corporate leaders clearly understand the reputations of their companies. B) Reputation of a company is not important for individuals seeking employment at a company. C) The reputation is vulnerable to both internal and external negative events. D) In the past decade most consumers have expressed greater trust and respect for various corporations, meaning the reputations have improved.
Which of the following statements regarding inventory counts is not correct?
A. In a perpetual inventory system, the inventory count is compared to the inventory account balance to reveal shrinkage. B. If a company uses a perpetual inventory system and the inventory count at the end of the accounting period is greater than the balance in the inventory ledger account, there must have been shrinkage. C. A perpetual inventory system does not require a physical count during the accounting period to determine cost of goods sold. D. Companies need to perform a physical count of their inventory at least yearly regardless of which inventory system is being used.