Which of the following describes the classification and normal balance of the Unearned Rent Revenue account?

Companies frequently report income tax expense as the last item before net income on a single-step income statement.

a. true b. false

A corporate director commits a breach of duty if

A. The director's exercise of care and skill is minimal. B. A contract is awarded by the company to an organization owned by the director. C. An interest in property is acquired by the director without prior approval of the board. D. The director's action, prompted by confidential information, results in an abuse of corporate opportunity.