A study on global CSR conducted during the recent economic downturn discovered all of the following EXCEPT ________
A) 22 percent of respondents think the crisis will have a negative impact on CSR
B) 35 percent of respondents think CSR has become a victim of its own hype
C) 44 percent of respondents think the crisis will cause CSR to be applied more often
D) 28 percent of respondents think the real meaning of CSR will change
Answer: B
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Which of the following is true of internal control?
A) A company's outside auditor is responsible for the company's internal control system. B) One of the major purposes of internal control is to ensure that the assets are safeguarded. C) Internal control procedures tend to diminish the importance of operational efficiency. D) Internal controls are only necessary for public companies.
On July 1, 2017, Miniature Company has bonds with balances as shown below
Bonds Payable 70,000 Discount on Bonds Payable 3,600 If the company retires the bonds for $71,150, what will be the effect on the income statement? A) loss on retirement of $4,750 B) gain on retirement of $4,750 C) sales revenue of $66,400 D) no effect on net income