After taking $45 billion in taxpayer funding to remain afloat, Citibank spent $50 million on a new private jet. this action was: unethical
What was the intention of taxpayer funding?
The taxpayer funding means that Citibank was granted a funding relief with taxes paid by the taxpayers to avert a collapse of the bank and to ensure the wider economy is not impacted negatively by the failure of a "too big to fail bank" such as the Citibank
The fact that funds meant to keep the bank liquid and to be able to continue smooth operations by having the required cash to meet obligations and they were diverted meant that directors at Citibank have acted unethically.
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Answer:C
Explanation:
Educated guess. Proper understanding of the environment helps to make informed decisions
Answer: Can be issued in return for money borrowed from a bank.
Explanation:
Short term notes payable are liabilities issued by a company indicating that they have an obligation to pay a certain amount (including interest) within the a year which makes it a current liability.
It can be issued in lieu of money borrowed from a bank as well as an accounts payable.
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Answer:
Type I subsequent event
Explanation:
The reason is that there are two types of subsequent events which includes a recognizable event and a non-recognizable event. In the Recognizable event which is also known as type 1 subsequent events is the event that has occurred at the financial statement date and is concluded after the year end. So in this case, the event had occured at the financial statement date which the auditor and the company didn't knew about and has been concluded in the subsequent period.
