Answer:
a. Freeman estimates that it is reasonably possible but not likely that it will lose a current lawsuit. Freeman's attorneys estimate the potential loss will be $4,500,000.
- Describe the situation in a note to the financial statements.
Since the event is possible but not likely, it should be disclosed in the footnotes of the financial statements.
b. Freeman received notice that it was being sued. Freeman considers this lawsuit to be frivolous.
Since this is a frivolous lawsuit, there is no need to disclose it.
c. Freeman is currently the defendant in a lawsuit. Freeman believes it is likely that it will lose the lawsuit and estimates the damages to be paid will be $75,000.
- Record an expense and a liability based on estimated amounts.
Since the negative outcome is probable and you were able to quantify your losses, you must record the expense for $75,000 and include the amount as a current liability.
This is actually false. The effect is quite the opposite, things are really slowed down but in return you get safety and security and unbiased procedures. That's why you need a lot of various paperwork for example when you get a driver's license, instead of they just deciding to give it to you. Bureaucracy prevents things like corruption and personal bias.
Answer:
marketing manager
Explanation:
Marketing refers to all the activities that a company performs to convince customers to buy its products. They are the actions undertaken by a company to promote buying of its goods and services. These activities include advertising, sales promotions, direct sales, and product delivery to customers and other businesses.
The marketing manager is the senior officer responsible for the marketing functions of a company. He or she is the leader of the marketing department and coordinates everyday activities in that section. The marketing manager balances and selects the most efficient channel of promoting company products such as TV advertising, print media, or digital marketing.
Answer:
D. Access control
Explanation:
Access control implements a security policy that specifies who or what may have access to each specific system resource and the type of access that is permitted in each instance.
A typical example of this is in ERPs where access controls defines what access codes a process owner has and what access a reviewer and an approval has. Where a personnel has access to carry out a transaction, review and approve the transaction, access controls are said to be deficient.
The right answer is D. Access control.
