Taylor gives a power of attorney to his twin brother Corey, permitting Corey to make all decisions on his behalf while he is abroad. As per the terms of the power of attorney, Corey is allowed to make decisions to purchase or sell stocks on Taylor's behalf, sell Taylor's real estate if he deems it to be in Taylor's best interest, pursue or defend lawsuits on Taylor's behalf, and make all other relevant decisions for Taylor. What kind of power of attorney confers such powers to Corey?
A. a special power of attorney
B. a limited power of attorney
C. an implied power of attorney
D. a general power of attorney
Answer: D
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In which of the following ways can a bank increase its reserves?
A. Give out more loans B. Sell securities C. Reduce interest rate on time deposits D. Increase service charges for safety vault facility
Which is a trend that indicates that the service desk has been elevated to a profession in and of itself?
A. Service desk managers typically manage the service desk staff and the staff in level 2 and level 3 support groups. B. Many companies have rewritten service desk analyst job descriptions to create higher-level positions. C. An increasing number of level 2 and level 3 staff, especially software developers, are applying to work on the service desk. D. Companies are relying on one level of management and one level of analysts to streamline job functions.
A firm sold an investment in securities available for sale originally costing $30,000, for $28,000 . At the beginning of the year, the investment had a valuation allowance of $3,000, debit. What is the correct disclosure for these events in the statement of cash flows prepared under the direct method, assuming this is the only investment in securities available for sale?
a. $28,000 investing cash inflow; add $33,000 in the reconciliation of earnings and net operating cash flow b. $28,000 investing cash inflow; add $2,000 in the reconciliation of earnings and net operating cash inflow c. $28,000 investing cash inflow; add $5,000 in the reconciliation of earnings and net operating cash inflow d. Add $5,000 in the reconciliation of earnings and net operating cash flow.
In his book, The Wealth of Nations, the Scottish economist Adam Smith was the first person to describe
a. socialism b. communism c. capitalism d. entrepreneurship