Which of the Following Is the Most Appropriate Term to Use

question 16

Multiple Choice

Which of the following is the most appropriate term to use when describing management's duty to its shareholders?

• A)Official duty
• B)Legal duty
• C)Fiduciary duty
• D)Statutory duty

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Definitions:

Quarterly

occurring every three months or four times a year, often used to describe the periodic reporting schedule of businesses and investments.

Cost of Goods Sold

The expenditure directly associated with producing a company's sold goods, covering materials and labor involved.

Beginning Inventory

The value of an entity’s inventory at the start of an accounting period.

Net Sales

Net Sales is the total revenue from sales of goods or services, after deducting returns, allowances for damaged or missing goods, and discounts.