Corporate stock can be divided into categories called ________, which can be further divided into ________
a. authorized shares, classes.
b. classes, series.
c. equity, assets.
d. debentures, classes.
b
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The following information was taken from the operating activity section of the 2014 statement of cash flows for Limited Corp: Additions to net income: Change in accounts payable $2,000 Deductions from net income: Change in inventories 8,000 Based on the information provided, which one of the following conclusions is correct?
a. Accounts payable decreased $2,000 in 2014. b. Inventories increased $8,000 in 2014. c. The direct method was used to prepare the operating section of the cash flow statement. d. Cash payments of merchandise exceeded cost of goods sold by $2,000.
Under the current rate method, common stock would be translated at what rate?
A. Current rate. B. Beginning of the year rate. C. Average rate. D. Composite amount. E. Historical rate.
If your team is suffering from groupthink, invite a team member from within the group to play the devil's advocate.
Answer the following statement true (T) or false (F)
In Ben v. City Car Dealership, a state supreme court held that a minor could cancel a contract for the sale of a car. Now a trial court in the same state is deciding Daphne v. Even Steven Auto Deals, Inc.,, a case with similar facts. Under the doctrine of stare decisis, the trial court is likely to
A. allow the minor to cancel the contract. B. disregard the previous case. C. order the minor to cancel the contract. D. require the minor to fulfill the contract.