?Conceptually, how should current liabilities be valued? In practice, how are current liabilities valued? What justification is there for allowing current practice not to follow the conceptual guidance
?
What will be an ideal response?
Current liabilities should be valued based upon their present value. This is a conceptual thought process because in reality they are valued at their maturity or face value. This difference in opinion arises because it is usually not material enough to require companies to value their current liabilities at present value.
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Which of the following is true of liability for torts and crimes in corporations?
A. If the employee commits a crime or tort while acting outside the scope of employment, the corporation is liable. B. When a corporate officer did not know of the employee's crime or tort, the officer is still liable. C. If an employee commits a tort within the scope of employment but outside the office space, the corporation is not liable. D. When a corporate officer could have prevented an employee's tort but did not, the officer may be liable.
Clearly trivial and not material are terms that can be used interchangeably
a. True b. False Indicate whether the statement is true or false
If a consumer's drive is strong and a satisfying product is near at hand, the consumer is likely to purchase the product at that time. If not, the consumer may store the need in memory or undertake ________
A) consumer ethnocentrism B) buyer's remorse C) a need recognition D) an information search E) cognitive dissonance
A devotes full time and B devotes one-half time to their partnership. If the partnership agreement is silent concerning the division of net income, A will receive a $20,000 share of a net income of $30,000
Indicate whether the statement is true or false