Answer:
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Answer:
Fiduciary Duty
1. The two main duties of company directors and top managers are the duty of care and the fiduciary duty of loyalty. The fiduciary duty of loyalty requires that managers act in the best economic interest of the company without engaging in activities that give rise to personal economic conflict.
2. Gaffney did not act ethically in this case. He did not avoid conflict of interest as an officer of Chelsea Corporation.
3. Gaffney and his partners clearly breached their fiduciary duty of loyalty. Within the two years of their employment at Ideal Tape Company, they acted in their personal interest. They were using company resources to conduct researches, setting up a rival company to compete with Ideal.
Explanation:
When a fiduciary duty of loyalty is breached, the corporation can damages. The court will usually base the damages on the salaries of the officer who breached his fiduciary duty within the application period.
Answer:
A. Publci Corporation
Explanation:
A corporation is recognized by law as an entity separate from its owner. It is one of the business ownership structures. The shareholders are the owners of a corporation. A public corporation is permitted by the exchange authority to trade its shares in the securities exchange market.
When a public corporation wants to raise more capital, it issues new shares to the general public. They are no restrictions as to who can buy what shares. Apple must be a public corporation as its shares are being traded without hesitation.
Answer: 2. The actually cost for direct materials and direct labor and estimate cost of overhead.
Explanation: JOB ORDER COSTING or job costing is a system for assigning and accumulating manufacturing costs of individuals unit of output. This system is used when the various items produced are sufficiently different from each other and each having a significant cost. (Like when a company's output consists of continuous flows of identical, low-cost units, the process costing system is more appropriate.)