Accounting

The law makes the knowing and willing destruction of audit documentation for audits of public ...

The law makes the knowing and willing destruction of audit documentation for audits of public ...

[html]The law makes the knowing and willing destruction of audit documentation for audits of public companies within the 7-year required retention period a criminal offense subject to financial fines and imprisonment up to 10 years.

▸ true

▸ false[

freezo1994   40   1 Reply

micapiro

Controls which are built in by the manufacturer to detect equipment failure are called

Controls which are built in by the manufacturer to detect equipment failure are called

Controls which are built in by the manufacturer to detect equipment failure are called

▸ input controls.

▸ data integrity controls.

▸ hardware controls.

▸ manufacturer's controls.

freezo1994   28   1 Reply

kady_kelsey2

A narrative should describe the disposition of every document and record in the system.

A narrative should describe the disposition of every document and record in the system.

A narrative should describe the disposition of every document and record in the system.

▸ true

▸ false

freezo1994   27   1 Reply

k9kulprit

When the computed upper exception rate (CUER) is greater than the tolerable exception rate (TER), it ...

When the computed upper exception rate (CUER) is greater than the tolerable exception rate (TER), it ...

[html]When the computed upper exception rate (CUER) is greater than the tolerable exception rate (TER), it is necessary for the auditor to take specific action. Which of the following courses of action would be most difficult to justify?

▸ Reduce th

freezo1994   37   1 Reply

ochie92

There are 14 steps to attributes sampling, divided into three sections: plan the sample, select the ...

There are 14 steps to attributes sampling, divided into three sections: plan the sample, select the ...

[html]There are 14 steps to attributes sampling, divided into three sections: plan the sample, select the sample and perform the audit procedures, and evaluate the results. Discuss the three steps that comprise the "evaluate the results" section.[/ht

freezo1994   27   1 Reply

linakhalaf

Which of the following accounts isnotpart of the acquisition and payment cycle?

Which of the following accounts isnotpart of the acquisition and payment cycle?

Which of the following accounts is not part of the acquisition and payment cycle?

▸ prepaid expenses

▸ accounts payable

▸ sales returns and allowances

▸ property, plant, and equipment

freezo1994   26   1 Reply

mbiij16

An auditor is gathering evidence on the completeness assertion. To do so, she performs a test to ...

An auditor is gathering evidence on the completeness assertion. To do so, she performs a test to ...

[html]An auditor is gathering evidence on the completeness assertion. To do so, she performs a test to verify that all goods received by the company have been recorded properly. The document population for this test would consist of all

▸ vendor inv

freezo1994   28   1 Reply

marksonbol

The three most important balance-related audit objectives for notes payable are existence, ...

The three most important balance-related audit objectives for notes payable are existence, ...

The three most important balance-related audit objectives for notes payable are existence, realizable value, and accuracy.

▸ true

▸ false

freezo1994   48   1 Reply

otis24

Which of the following ismostcorrect regarding external auditors use of internal auditors directly ...

Which of the following ismostcorrect regarding external auditors use of internal auditors directly ...

Which of the following is most correct regarding external auditors use of internal auditors directly on the audit engagement?

▸ discourage

▸ prohibit

▸ require

▸ permit

freezo1994   65   1 Reply

Quiera730

What basic information is needed in order to calculate the level of sales to reach a target operating income?

What basic information is needed in order to calculate the level of sales to reach a target operating income?

What basic information is needed in order to calculate the level of sales to reach a target operating income?

freezo1994   146   1 Reply

moon21c

Dobosh Corporation has provided the following information: Cost per UnitCost per PeriodDirect ...

Dobosh Corporation has provided the following information: Cost per UnitCost per PeriodDirect ...

[html]Dobosh Corporation has provided the following information:

freezo1994   31   1 Reply

bigmatic94

During June, Briganti Corporation purchased $79,000 of raw materials on credit to add to its raw ...

During June, Briganti Corporation purchased $79,000 of raw materials on credit to add to its raw ...

[html]During June, Briganti Corporation purchased $79,000 of raw materials on credit to add to its raw materials inventory. A total of $64,000 of raw materials was requisitioned from the storeroom for use in production. These requisitioned raw mat

freezo1994   19   1 Reply

nikki24303

Gradwell, Incorporated, manufactures and sells two products: Product K8 and Product I4. Data ...

Gradwell, Incorporated, manufactures and sells two products: Product K8 and Product I4. Data ...

[html]Gradwell, Incorporated, manufactures and sells two products: Product K8 and Product I4. Data concerning the expected production of each product and the expected total direct labor-hours (DLHs) required to produce that output appear below:

freezo1994   30   1 Reply

live4outdoors

Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the ...

Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the ...

[html]Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fiberglass panels are attached to a canoe- shaped aluminum frame. The canoes are then transferred to the Waterproofing de

freezo1994   40   1 Reply

coconut122

Lucas Corporation uses the weighted-average method in its process costing system. The company adds ...

Lucas Corporation uses the weighted-average method in its process costing system. The company adds ...

[html]Lucas Corporation uses the weighted-average method in its process costing system. The company adds materials at the beginning of the process in the Forming Department, which is the first of two stages in its production process. Information c

freezo1994   30   1 Reply

TanjaG

Roberts Enterprises has budgeted sales in units for the next five months as follows:June4,630 ...

Roberts Enterprises has budgeted sales in units for the next five months as follows:June4,630 ...

[html]Roberts Enterprises has budgeted sales in units for the next five months as follows:

freezo1994   31   1 Reply

lewmyr

Babak Industries is a division of a major corporation. Last year the division had total sales of ...

Babak Industries is a division of a major corporation. Last year the division had total sales of ...

[html]Babak Industries is a division of a major corporation. Last year the division had total sales of $20,260,000, net operating income of $1,884,760, and average operating assets of $6,700,000.The division's turnover is closest to:

freezo1994   37   1 Reply

bwhurd

Remley Corporation has provided the following financial data:Year 2Year 1Total assets$ 1,441,000$ ...

Remley Corporation has provided the following financial data:Year 2Year 1Total assets$ 1,441,000$ ...

[html]Remley Corporation has provided the following financial data:

freezo1994   39   1 Reply

rion20000

What is the total indirect costs (a) under ABC system?

What is the total indirect costs (a) under ABC system?

What is the total indirect costs (a) under ABC system?
A) $53,000
B) $57,000
C) $57,500
D) $40,000

frenchtoast   22   2 Replies

frenchtoast

Variance analysis of fixed nonmanufacturing costs, such as distribution costs, can also be useful ...

Variance analysis of fixed nonmanufacturing costs, such as distribution costs, can also be useful ...

Variance analysis of fixed nonmanufacturing costs, such as distribution costs, can also be useful when planning for capacity.
[True or False]

frenchtoast   31   3 Replies

tjcollier

What is the constant?

What is the constant?

What is the constant?
A) $17,500
B) $45,000
C) $7,000
D) $4,375

frenchtoast   19   2 Replies

frenchtoast

The amount of consideration that an entity expects to be entitled to as a result of providing goods ...

The amount of consideration that an entity expects to be entitled to as a result of providing goods ...

The amount of consideration that an entity expects to be entitled to as a result of providing goods or services to a customer is the ________.
A) performance obligation
B) expected value
C) transaction price
D) variable consideration

frenchtoast   32   2 Replies

frenchtoast

Aztec Company contracted with the Kirk Company to review their revenue recognition policies for ...

Aztec Company contracted with the Kirk Company to review their revenue recognition policies for ...

Aztec Company contracted with the Kirk Company to review their revenue recognition policies for recording sales.  The contract will pay Aztec $800,000 in the form of a fixed fee. Aztec will also receive $150,000 additionally if Kirk achieves $200,000

frenchtoast   55   2 Replies

frenchtoast

The residual approach of determining a standalone price focuses on internal factors by forecasting ...

The residual approach of determining a standalone price focuses on internal factors by forecasting ...

The residual approach of determining a standalone price focuses on internal factors by forecasting costs and adding an appropriate profit margin.
[True or False]

frenchtoast   26   1 Reply

bergenstudent12

Nondetachable stock warrants are in essence, convertible bonds.

Nondetachable stock warrants are in essence, convertible bonds.

Nondetachable stock warrants are in essence, convertible bonds.
[True or False]

frenchtoast   44   3 Replies

Strider4206

Executrain has 50,000, 7%, bonds outstanding for the second half of the year. Each $1,000 bond, ...

Executrain has 50,000, 7%, bonds outstanding for the second half of the year. Each $1,000 bond, ...

Executrain has 50,000, 7%, bonds outstanding for the second half of the year.  Each $1,000 bond, sold July 1 at par, is convertible into 10 shares of common stock. The corporate tax rate is 40%. What is the incremental income per common share?
A) $7

frenchtoast   213   2 Replies

frenchtoast

Cash flows from investing activities should include ________.

Cash flows from investing activities should include ________.

Cash flows from investing activities should include ________.
A) the factoring of accounts receivable
B) the receipt of stock dividends
C) the issuance of common stock in exchange for land
D) the major repair of a fixed asset

frenchtoast   27   2 Replies

frenchtoast

The conceptual model for the statement of cash flows is based on the income statement equation.

The conceptual model for the statement of cash flows is based on the income statement equation.

The conceptual model for the statement of cash flows is based on the income statement equation.
[True or False]

frenchtoast   34   1 Reply

Olivia foy

In cash basis accounting, revenue is recorded when cash is received, and expenses are recorded when ...

In cash basis accounting, revenue is recorded when cash is received, and expenses are recorded when ...

In cash basis accounting, revenue is recorded when cash is received, and expenses are recorded when they are paid.

frenchtoast   50   2 Replies

frenchtoast

List and briefly discuss three accounting concepts and principles that apply to accrual basis accounting.

List and briefly discuss three accounting concepts and principles that apply to accrual basis accounting.

List and briefly discuss three accounting concepts and principles that apply to accrual basis accounting.

frenchtoast   58   3 Replies

byehoe

Which of the following is an accounting information system activity that can be classified as a ...

Which of the following is an accounting information system activity that can be classified as a ...

Which of the following is an accounting information system activity that can be classified as a payroll business transaction?
A) approval of new employees
B) receipt of customer payment
C) processing of vendor invoices
D) payment for goods or ser

frenchtoast   23   1 Reply

ediblefruitz

Patel Company incurs both fixed and variable production costs. Assuming the production is within the ...

Patel Company incurs both fixed and variable production costs. Assuming the production is within the ...

Patel Company incurs both fixed and variable production costs. Assuming the production is within the relevant range, if volume goes up by 15%, then the total variable costs would ________.
A) increase by 15%
B) remain the same
C) increase by an am

frenchtoast   35   2 Replies

frenchtoast

Ito Company has provided the following information:

Ito Company has provided the following information:

Ito Company has provided the following information:

Price per unit$42
Variable cost per unit16
Fixed costs per month$25,000

Calculate the contribution margin per unit.
A) $26
B) $42
C) $58
D) $10

frenchtoast   42   1 Reply

tgehbretgfhgrer

A company reported revenues of $377,000, cost of goods sold of $122,000, selling expenses of ...

A company reported revenues of $377,000, cost of goods sold of $122,000, selling expenses of ...

A company reported revenues of $377,000, cost of goods sold of $122,000, selling expenses of $12,000, and total operating costs of $72,000. Gross margin for the year is ________.
A) $255,000
B) $243,000
C) $171,000
D) $293,000

frenchtoast   148   2 Replies

frenchtoast

To prepare the direct materials labor costs budget, which of the following budget must be prepared first?

To prepare the direct materials labor costs budget, which of the following budget must be prepared first?

To prepare the direct materials labor costs budget, which of the following budget must be prepared first?
A) direct material purchase budget
B) production budget
C) direct material usage budget
D) budgeted manufacturing overhead

frenchtoast   59   1 Reply

prime7105

When management develops cost estimations, they must chose one method, such as industrial ...

When management develops cost estimations, they must chose one method, such as industrial ...

When management develops cost estimations, they must chose one method, such as industrial engineering, conference, account analysis, or quantitative analysis, and stay consistently with that method as each method is mutually exclusive of the others.

frenchtoast   39   2 Replies

frenchtoast

The correct label for Shape 3 in the flowchart below is

The correct label for Shape 3 in the flowchart below is

[html]The correct label for Shape 3 in the flowchart below is

Frost   70   2 Replies

Frost

To create a good business process flowchart, one should emphasize ________ and put less emphasis on ________.

To create a good business process flowchart, one should emphasize ________ and put less emphasis on ________.

[html]To create a good business process flowchart, one should emphasize ________ and put less emphasis on ________.

• meeting with top management; meeting with staff employees

• following rigid rules on how to prepare a business process flowchart;

Frost   91   1 Reply

kiyomika

The update anomaly in non-normalized database tables

The update anomaly in non-normalized database tables

The update anomaly in non-normalized database tables

• occurs because of data redundancy.

• restricts addition of new fields or attributes.

• results in records that cannot be updated.

• is usually easily detected by users.

Frost   87   2 Replies

Frost

Secretly changing an already open browser tab using JavaScript is called

Secretly changing an already open browser tab using JavaScript is called

Secretly changing an already open browser tab using JavaScript is called

• superzapping.

• tabnapping.

• pretexting.

• piggybacking.

Frost   116   2 Replies

Frost