In determining the amount of your loan, you should ask for about 20% more than you need in order to give yourself financial flexibility in the future

Which of the following is the appropriate point at which the auditor deems authorization to be critical?

A) Credit granting Price authorization Shipment of goods Yes Yes Yes B) Credit granting Price authorization Shipment of goods Yes No Yes C) Credit granting Price authorization Shipment of goods No Yes No D) Credit granting Price authorization Shipment of goods Yes No No

The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 30,000 shares were originally issued and 5,000 were subsequently reacquired. What is the number of shares outstanding?

a. 35,000 b. 70,000 c. 25,000 d. 30,000