A lease in which the tenant pays a lump sum to the landlord and the landlord is responsible for paying the property taxes and assessments on the property is known as a ________

Why should the income statement be prepared first?

a. The statement of cash flows should be prepared first because it determines the sources of cash. That information is then used in preparing the income statement. b. Net income from the income statement flows into the retained earnings statement. The ending retained earnings balance then flows into the balance sheet. c. The income statement does not have to be prepared first. Financial statements can be prepared in any order. d. None of these statements is correct

Which of the following is TRUE?

A) A director must take orders from the president of the company. B) A director is involved in the day to day running of the company C) A director is automatically a CEO (Chief Executive Officer) of a corporation. D) A director may be personally liable for torts that she commits on behalf of the corporation. E) Both B and D