Although the purpose of the confidentiality standard is to encourage management accountants to remain loyal to their company, failure to disclose knowledge of internal illegal acts to outside authorities can result in the accountants being charged as an accessory to the crime

The petty cash fund has a current balance of $100. Based on activity in the fund, it is determined that the balance needs to be changed to $700. Which journal entry is needed to make this change?

A) Debit the Petty Cash account and credit the Cash account for $700. B) No journal entry is needed because this change only involves cash. C) Debit the Petty Cash account and credit the Cash account for $600. D) Debit the Cash account and credit the Petty Cash account for $600.

Valid, enforceable contracts must contain consideration, which is defined as

a. something of measurable value that must be exchanged by the parties involved. b. wording that is kind and unobjectionable to the parties involved. c. the requirement that those entering into the contract must be of legal age and mentally competent. d. the requirement that the contract must be for a product or service that may be legally sold.