Scenario E: Greg Is the Finance Manager of Magical Messages

question 69

Multiple Choice

Scenario E: Greg is the finance manager of Magical Messages Corp.a communication and information technology corporation.His department is working on enforcing some financial controls on the organization.Greg assigns different tasks to his team members.Stacey's task is to give him a present financial picture of the company.Pete's task is to give him the values of various items the company owns.Julio's task is to give him a report on the amount the company owes to various creditors.Finally,Gretchen's task is to prepare a report on the amount accruing to the corporation's owners.
-On which of the following would Pete be working?

• A)balance sheet
• B)assets
• C)liabilities
• D)stockholders' equity
• E)profit and loss statement

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Definitions:

Corporate Law

A body of law governing the rights, relations, and conduct of persons, companies, organizations, and businesses.

Partnerships

An authorized business setup involving two or more persons, sharing both the responsibilities of management and the financial gains.

Corporate Finance

The area of finance dealing with the sources of funding and the capital structure of corporations, and the actions that managers take to increase the value of the firm to the shareholders.

Ratified

Ratification refers to the formal approval or confirmation of an agreement or treaty, often after the act has been signed or provisionally applied.