An involuntary conversion occurs whenever a loss (but not a gain) is realized from a transaction that occurs against the taxpayer's will.
Answer the following statement true (T) or false (F)
False
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Internal control is a process affected by the organization's board of directors, management, and other personnel to provide reasonable assurance of achieving certain objectives. Which of the following does not fit into one of these categories of objectives?
a. Reliability of financial reporting. b. Compliance with laws and regulations. c. Continuing existence. d. Effectiveness and efficiency of operations.
Large quantities of office supplies have been disappearing at Acme Global. Leticia is convinced that her employee Jorani is behind the thefts because she once ran into Jorani at the bank and saw her using a pen like the ones in the office. Leticia calls Jorani to her office and tells her she is being suspended for a week without pay because of the thefts. The discipline of Jorani appears to violate which Just Cause test?
A. Upon investigation, was there substantial evidence or proof that the employee was guilty as charged? B. Was the degree of discipline administered by the company in a particular case reasonably related to the seriousness of the employee’s proven offense and the record of the employee’s service with the company? C. Did the company give the employee forewarning or foreknowledge of the possible or probable disciplinary consequences of the employee’s conduct? D. Has the company applied its rules, orders, and penalties evenhandedly and without discrimination to all employees?
Sally decided to look into buying a franchise as her entrance into entrepreneurship. Which of the following is NOT a benefit of franchising?
a. A whole franchise network exists to reach out to for help and advice. b. potential competition from other franchise owners c. Real estate resources exist to help source the best location for your franchise. d. In-house personnel and field reps are available to help you and your business succeed.
Industrial distributors and their agents are typical types of intermediaries found in channels for consumer products.
Answer the following statement true (T) or false (F)