The most common incentive system, which compares a worker's performance against an objective standard and bases pay on the worker's performance, is known as a(n) ________ plan.
A. gain-sharing
B. integrated
C. individual
D. particularized
E. profit-sharing
Answer: C
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Which of the following legal duties of board members suggests that a director does not need to be an expert or actually run the company?
A. Duty of good faith B. Duty of loyalty C. Duty of care D. Duty of candor
What is satisficing?
a. Making a second best decision b. The basis of unsatisfactory organizational decision-making c. Deciding after weighing available information d. All of the above
Meng Co. maintains a $300 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $80 for office supplies, $160 for merchandise inventory, and $20 for miscellaneous expenses. There is a cash shortage of $8. Based on this information, the amount of cash in the fund before the replenishment is:
A. $32. B. $40. C. $300. D. $48. E. $260.
Discuss how SEC rules affect the legal and the ethical relationship between accountants and the companies they audit