Which of the following is a false statement with regard to the objective-setting process of management-by-objectives?
A. The process should be a joint effort between the supervisor and the subordinates.
B. The supervisor should set the objectives for the subordinates.
C. If the subordinate is primarily responsible for determining objectives, the supervisor must review and approve the objectives.
D. Both the supervisor and the subordinate must be in agreement with the objectives.
B
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Oil Field Services has net income of $120,400, total assets of $1,219,000, total equity of $694,100, and total sales of $1,521,700. What is the common-size percentage for the net income
A. 9.00% B. 7.91% C. 15.53% D. 12.10% E. 8.62%
Lawson, a CPA, discovers material noncompliance with a specific Internal Revenue Code (IRC) requirement in the prior-year return of a new client. Which of the following actions should Lawson take?
A. Wait for the statute of limitations to expire. B. Discuss the requirements of the IRC with the client and recommend that the client amend the return. C. Contact the IRS and discuss courses of action. D. Contact the prior CPA and discuss the client's exposure.