Amy Is on the Board of Directors of Computers Plus

question 46

Multiple Choice

Amy is on the board of directors of Computers Plus.Computers Plus is looking for a warehouse to purchase.Amy owns a warehouse.In order for Amy to sell her warehouse to Computers Plus:

• A) the transaction must be fair to both Amy and Computers Plus.
• B) the disinterested members of the board of directors may approve the transaction.
• C) she must resign her position on the board of directors of Computers Plus before any negotiations for the warehouse begin.
• D) a court must review the opportunity to determine its favorability.

Recognize the importance of physical inventory counts in both perpetual and periodic inventory systems.

Define and categorize Cost of Goods Sold and operating expenses for merchandising companies.

Master diverse terms and concepts related to inventory management, sales, and accounting practices for merchandising companies.

Understand the difference between periodic and perpetual inventory systems including the calculation and timing of cost of goods sold.

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Definitions:

OSHA

The Occupational Safety and Health Administration, an agency of the US Department of Labor tasked with ensuring safe and healthy working conditions by setting and enforcing standards.

Health and Safety

Measures and procedures implemented to ensure the well-being and physical protection of employees in the workplace.

Occupational Safety and Health Act

U.S. law authorizing the federal government to establish and enforce occupational safety and health standards for all places of employment engaging in interstate commerce.

OSHA Compliance Officers

Individuals responsible for inspecting workplaces to ensure they comply with the regulations set by the Occupational Safety and Health Administration.