Those advocating an equity allocation standard argue that those who contributed more should receive more,in proportion to the magnitude of their contribution.

The gain or loss from retirement of notes payable is reported under cash flows from operating activities on the statement of cash flows using the indirect method.

In a unilateral contract, a promise is exchanged from one party to another for a promise to forbear to act.

The CISG applies only to sales of goods and commercial parties.

A budget system based on expected activities and their levels that enables management to plan for resources required to perform the activities is:

A) Traditional budgeting.
B) Management budgeting.
C) Master budgeting.
D) Activity-based budgeting.
E) Cash budgeting.

Your organization has asked you to lead a discussion dealing with the differences between management development and employee training. Which of the following statements provides the best explanation?

A) management development is much more generalized than the specialized training employees receive.
B) management development tends to have off-the-job instructional systems that are technical and conceptual.
C) management development is focused on credible and effective training rather than on the personalities and preferences of managers.
D) management development is a longitudinal and gradual process whereas employee training is short-term.