Answer: Overseeing the company’s financial accounting and financial reporting practices.
Explanation:
The Board of Directors are meant to act on behalf of the shareholders to protect their interest. An important part of this protection is to monitor the company books for irregularities due to the penchant for managers to deviate from upholding shareholder interests to following their own.
In the cases of AOL Time Warner, Global Crossing, Enron, Qwest Communications, and WorldCom, the Board's Audit Committee failed in dispatching their mandate and because of that failed mandate, allowed the Executives to manipulate financial data in very unethical and very illegal ways to make it seem like the companies were profitable when they were not.
Answer:
In general, no.
Explanation:
Private enterprise economies place production and growth in the hands of the business owners themselves. Usually there is little oversight from government in regards to how they conduct business.
Answer:
$563,00
Explanation:
Calculation of Carla Vista Corporation amount of loss on impairment of goodwill should Carla Vista record in 2021:
Fair value - Identifiable assets carrying value $5790000
$5,083,000-$5,790,000
=$707,000
Therefore,
Goodwill $1,270,000- $707,000
=$563,000
Hence the amount of loss on impairment of goodwill should Carla Vista record in 2021 will be $563,000
