The unexamined life, according to Socrates, is not worth living.
Answer the following statement true (T) or false (F)
True
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Which of the following statements is false?
a. The method of preparing the operating activities section of a statement of cash flows which adjusts net income to remove the effects of deferrals and accruals for revenues and expenses is the indirect method. b. The method of preparing the operating activities section of a statement of cash flows which reports major classes of gross cash receipts and cash payments for revenues and expenses is the direct method. c. The FASB prefers the direct method of preparing the operating activities section of the statement of cash flows. d. Most companies use the direct method of preparing the operating activities section of the statement of cash flows.
What is the practice in which cash receipts are misapplied to hide fictitious receivables called?
a. Bill-and-hold b. Channel stuffing c. Partial shipment d. Kiting
Fulfill your responsibility to keep the meeting on track, moving toward the _________________
a. next meeting b. achievement of the purpose c. quick conclusion d. opportunity for questions
Following public revelations of pressures on bank staff to set up fraudulent accounts in order to reach sales quotas, the CEO of Wells Fargo Bank was forced to apologize to and recompense customers for whom the bank had set up false credit card and auto loan accounts. As a consequence, over 100,000 account managers were terminated, a $186 million fine was paid to the U.S. government, the CEO was forced to resign, and the company's stock price also sharply declined. Which of the following costs did Wells Fargo incur?
A. internal administrative costs, tangible costs, and intangible costs B. internal administrative costs but not visible costs C. visible but not intangible costs D. only visible and internal administrative costs E. visible and intangible costs