Which of the Following Is Likely to Be Found in the Minutes

question 22

Multiple Choice

Which of the following is likely to be found in the minutes of the board of directors?

• A) Approval of customer credit limits.
• B) Approval of a new computer for the controller.
• C) Authorization of employee salaries.
• D) Authorization of executive salaries.

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Definitions:

Technologically Obsolete

A state where a product or equipment becomes outdated or no longer competitive due to advances in technology.

Discount Rate

This is the interest rate used in discounted cash flow analysis to determine the present value of future cash flows.

Salvage Value

The expected sale price of an asset at the end of its effective life.

Net Operating Cash Flows

The amount of cash generated by a company's normal business operations after paying operating expenses and taxes.