The ceo of citigroup announced a $8 billion write-down for the company because of bad loans. this announcement followed a previous announcement of a $5 billion write-down three quarters earlier. the board asked him to step down.
a. the board does not have the authority to remove a ceo.
b. the shareholders must approve the removal of a ceo.
c. the ceo is elected by the shareholders.
d. none of the above

Wallis company manufactures only one product and uses a standard cost system. the company uses a predetermined plantwide overhead rate that relies on direct labor-hours as the allocation base. all of the company's manufacturing overhead costs are fixed—it does not incur any variable manufacturing overhead costs. the predetermined overhead rate is based on a cost formula that estimated $2,886,000 of fixed manufacturing overhead for an estimated allocation base of 288,600 direct labor-hours. wallis does not maintain any beginning or ending work in process inventory.

When the federal reserve buys bonds from or sells bonds to member banks, it is called monetary policy reserve ratio interest rate adjustment open market operations

Yowell company granted a sales discount of $360 to a customer when it collected the amount due on account. yowell uses the perpetual inventory system. which of the following answers reflects the effects on the financial statements of only the discount? assets = liab. + equity rev. − exp. = net inc. cash flow a. (360 ) = na + (360 ) (360 ) − na = (360 ) (360 ) oa b. na = (360 ) + 360 360 − na = 360 na c. (360 ) = na + (360 ) (360 ) − na = (360 ) na d. na = (360 ) + 360 360 − na = 360 na