Stefan Is a Manufacturer's Representative for Celmeed Corporation

question 69

Multiple Choice

Stefan is a manufacturer's representative for Celmeed Corporation.One day he receives a 52" television as a gift from one of the clients he contacts on behalf of Celmeed.In this case:

• A) Stefan must account to Celmeed for the gift he has received.
• B) the television belongs to Celmeed rather than to Stefan.
• C) if Stefan keeps the television without telling Celmeed,he will have breached his fiduciary duty to Celmeed.
• D) All of these are correct.

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Definitions:

Total Fixed Assets

The cumulative value of all long-term tangible assets that a company owns and uses in its operations, and are not intended for resale within the business year.

Long-term Liabilities

Debts or obligations that are due in more than one year's time, reflecting a company's financing strategies beyond the short term.

Net Working Capital

The difference between a company's current assets and its current liabilities, indicating its short-term financial health and operational efficiency.

Net Fixed Assets

The value of a company's fixed assets, such as property and equipment, minus any accumulated depreciation.