Accounting

Assume the gross amount of an invoice is 100 and a discount of 20 is allowed. The net amount is

Assume the gross amount of an invoice is 100 and a discount of 20 is allowed. The net amount is

Assume the gross amount of an invoice is 100 and a discount of 20 is allowed. The net amount is
 a. 65.
   b. 80.
   c. 20.
   d. 40.


(Q. 2) In a time of rising prices, the main reason a c

123123456   67   1 Reply

afkjnjsnfdk

On January 1, 2011, Alpha Enterprise signed a 100,000, 6, 20-year mortgage note to buy a new ...

On January 1, 2011, Alpha Enterprise signed a 100,000, 6, 20-year mortgage note to buy a new ...

On January 1, 2011, Alpha Enterprise signed a 100,000, 6, 20-year mortgage note to buy a new warehouse. The mortgage will be repaid in a series of twenty equal annual installment payments.
 
  Over the 20-year period, as each installment p

123123456   55   2 Replies

123123456

Which financial statement shows Salaries payable?

Which financial statement shows Salaries payable?

Which financial statement shows Salaries payable?
 
  A) Income statement
  B) Statement of changes in shareholders' equity
  C) Statement of cash flows
  D) Balance sheet


(Q. 2) A ch

123123456   56   3 Replies

paige.S99

On January 1, 2011, Zenith, Inc signed a 200,000, 5, 20-year mortgage note to buy a new office ...

On January 1, 2011, Zenith, Inc signed a 200,000, 5, 20-year mortgage note to buy a new office ...

On January 1, 2011, Zenith, Inc signed a 200,000, 5, 20-year mortgage note to buy a new office building. The mortgage will be repaid in a series of twenty equal annual installment payments.
 
  Over the 20-year period, as each installment

123kduncan   49   2 Replies

123kduncan

On January 1, 2011, Beyers Company pays 205,000 cash for factory equipment that has an estimated ...

On January 1, 2011, Beyers Company pays 205,000 cash for factory equipment that has an estimated ...

On January 1, 2011, Beyers Company pays 205,000 cash for factory equipment that has an estimated useful life of 10 years and an expected residual value of 5,000. Calculate the annual amount of depreciation expense.
 
  A) 20,500
  B)

123kduncan   24   1 Reply

meganttt

The section of Sarbanes Oxley that authorizes the SEC to censure or deny any person the privilege of ...

The section of Sarbanes Oxley that authorizes the SEC to censure or deny any person the privilege of ...

The section of Sarbanes Oxley that authorizes the SEC to censure or deny any person the privilege of appearing or practicing before the SEC if that person is deemed to be unqualified, have acted in an unethical manner, or have aided and abetted in th

123kduncan   46   2 Replies

123kduncan

____ are the policies and procedures that help ensure that the risk responses are effectively ...

____ are the policies and procedures that help ensure that the risk responses are effectively ...

____ are the policies and procedures that help ensure that the risk responses are effectively carried out.
 a. Control environment
  b. Risk assessment
  c. Control activities
  d. Monitoring


(Q. 2[/c

123kduncan   47   1 Reply

Marin

This framework was issued in 1996 (and updated in 2007) by the Information Systems Audit and Control ...

This framework was issued in 1996 (and updated in 2007) by the Information Systems Audit and Control ...

This framework was issued in 1996 (and updated in 2007) by the Information Systems Audit and Control Association (ISACA) because of the influence of IT over information systems, financial reporting and auditing.
 a. COBIT
  b. COSO
 

123kduncan   33   2 Replies

123kduncan

The petty cash fund should be replenished only at the end of each accounting period so that the ...

The petty cash fund should be replenished only at the end of each accounting period so that the ...

The petty cash fund should be replenished only at the end of each accounting period so that the accounts are brought up-to-date.
 a. True
   b. False
   Indicate whether the statement is true or false


(Q.

123kduncan   63   2 Replies

123kduncan

Auditors of public company financial statements must issue separate reports on internal control over ...

Auditors of public company financial statements must issue separate reports on internal control over ...

Auditors of public company financial statements must issue separate reports on internal control over financial reporting.

▸ true

▸ false

123lol456   67   1 Reply

Codybarnes

The AICPA recently issued a new interpretation of theCode of Professional Conductwhich addresses a ...

The AICPA recently issued a new interpretation of theCode of Professional Conductwhich addresses a ...

[html]The AICPA recently issued a new interpretation of the Code of Professional Conduct which addresses a number of suggested safeguards in situations where a member faces pressure from a colleague or a super

123lol456   25   1 Reply

bluepeachez36

The broadest interpretation of the right of third-party beneficiaries is the primary user concept.

The broadest interpretation of the right of third-party beneficiaries is the primary user concept.

The broadest interpretation of the right of third-party beneficiaries is the primary user concept.

▸ true

▸ false

123lol456   40   1 Reply

ricyoung

Auditors use trends in the accounts receivable turnover ratio to assess the reasonableness of the ...

Auditors use trends in the accounts receivable turnover ratio to assess the reasonableness of the ...

Auditors use trends in the accounts receivable turnover ratio to assess the reasonableness of the allowance for doubtful accounts.

▸ true

▸ false

123lol456   43   1 Reply

sbe0921

Fraud awareness training should be

Fraud awareness training should be

[html]Fraud awareness training should be

▸ broad and all-encompassing.

▸ extensive and include details for all functional areas.

▸ specifically related to the employee's job responsibility.

▸ focused on employees understanding the importance of e

123lol456   38   1 Reply

localbabe10

You are determining the significance of the following: you set a 5% risk of assessing control risk ...

You are determining the significance of the following: you set a 5% risk of assessing control risk ...

[html]You are determining the significance of the following: you set a 5% risk of assessing control risk too low and your computation of the upper deviation risk is 7%. What could you conclude?

▸ There is a 95% chance the deviation rate in the popul

123lol456   29   1 Reply

ggianola

You are auditing Nelson and Company and determined that the sample results support a conclusion that ...

You are auditing Nelson and Company and determined that the sample results support a conclusion that ...

[html]You are auditing Nelson and Company and determined that the sample results support a conclusion that the account is materially misstated, when in fact it was not misstated. This illustrates the risk of

▸ incorrect acceptance.

▸ incorrect reje

123lol456   43   1 Reply

elixy19

Which of the following types of audit tests is usually emphasized due to a lack of independent ...

Which of the following types of audit tests is usually emphasized due to a lack of independent ...

[html]Which of the following types of audit tests is usually emphasized due to a lack of independent third-party evidence related to payroll transactions?

▸ analytical procedures

▸ tests of details of balances

▸ tests of controls

▸ Each of these

123lol456   47   1 Reply

oldgreyvlegs

Which of the following subsequent events is most likely to result in an adjustment to a company's ...

Which of the following subsequent events is most likely to result in an adjustment to a company's ...

[html]Which of the following subsequent events is most likely to result in an adjustment to a company's financial statements?

▸ merger or acquisition activities

▸ bankruptcy (due to deteriorating financial condition) of a customer with an outstandi

123lol456   34   1 Reply

ixi12

Which of the following isnota similarity between external and internal auditors?

Which of the following isnota similarity between external and internal auditors?

[html]Which of the following is not a similarity between external and internal auditors?

▸ Both must be independent of the company.

▸ Both must be competent.

▸ Both follow a similar methodology in performing

123lol456   62   1 Reply

elbrundo

Operating income = Sales revenue - Variable cost per unit - Total fixed costs.

Operating income = Sales revenue - Variable cost per unit - Total fixed costs.

Operating income = Sales revenue - Variable cost per unit - Total fixed costs.

▸ true

▸ false

123lol456   44   1 Reply

astroasis

London Manufacturing Company expects the following sales in January, February, and March:Cash ...

London Manufacturing Company expects the following sales in January, February, and March:Cash ...

[html]London Manufacturing Company expects the following sales in January, February, and March:

123lol456   30   1 Reply

aupadhay287

In an activity-based costing system, a critical question to ask during activity identification is, ...

In an activity-based costing system, a critical question to ask during activity identification is, ...

In an activity-based costing system, a critical question to ask during activity identification is, "How important is this activity to the overall strategy of the organization?"

▸ true

▸ false

123lol456   23   1 Reply

live4outdoors

Toyota, a Japanese company, has a manufacturing plant in Canton, Mississippi. If Toyota were to ...

Toyota, a Japanese company, has a manufacturing plant in Canton, Mississippi. If Toyota were to ...

[html]Toyota, a Japanese company, has a manufacturing plant in Canton, Mississippi. If Toyota were to contract with Ford Motor Company to manufacture its autos at a Ford plant in the United States, this would be an example of

▸ outsourcing.

▸ offsh

123lol456   25   1 Reply

nnenne

The process of evaluating an organization's investment in long-term assets is called

The process of evaluating an organization's investment in long-term assets is called

The process of evaluating an organization's investment in long-term assets is called

▸ capital budgeting.

▸ a preference decision.

▸ investment control.

▸ activity-based evaluation.

123lol456   40   1 Reply

Hollywood1971

Identify which of the following items is classified as part of capital assets.a.Pollution prevention ...

Identify which of the following items is classified as part of capital assets.a.Pollution prevention ...

[html]Identify which of the following items is classified as part of capital assets.

a.

123lol456   38   1 Reply

kinnigit

Which of the following is an example of a customer-oriented nonfinancial measure?

Which of the following is an example of a customer-oriented nonfinancial measure?

Which of the following is an example of a customer-oriented nonfinancial measure?

▸ Product flexibility

▸ Production volume

▸ New product introductions

▸ Product defects

123lol456   35   1 Reply

flipninjamel

The 2021 and 2022 partial balance sheets for Ottoman Manufacturing Company appear ...

The 2021 and 2022 partial balance sheets for Ottoman Manufacturing Company appear ...

[html]The 2021 and 2022 partial balance sheets for Ottoman Manufacturing Company appear below:

123lol456   30   1 Reply

someonespecial

A decrease in accounts receivable is added to income when using the indirect method of calculating ...

A decrease in accounts receivable is added to income when using the indirect method of calculating ...

A decrease in accounts receivable is added to income when using the indirect method of calculating cash flows provided by operating activities.

▸ true

▸ false

123lol456   29   1 Reply

rotatorro

Meginnis Corporation's relevant range of activity is 3,000 units to 7,000 units. When it produces ...

Meginnis Corporation's relevant range of activity is 3,000 units to 7,000 units. When it produces ...

[html]Meginnis Corporation's relevant range of activity is 3,000 units to 7,000 units. When it produces and sells 5,000 units, its average costs per unit are as follows:

123lol456   60   1 Reply

heathernhull

Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning ...

Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning ...

[html]Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $239,700 and 4,700 estimated direc

123lol456   41   1 Reply

nguyenphuc1990

Ozdemir Corporation uses the FIFO method in its process costing system. Data concerning the first ...

Ozdemir Corporation uses the FIFO method in its process costing system. Data concerning the first ...

[html]Ozdemir Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below:

123lol456   48   1 Reply

Jessicav1126

Ingrum Corporation produces and sells two products. In the most recent month, Product R38T had sales ...

Ingrum Corporation produces and sells two products. In the most recent month, Product R38T had sales ...

[html]Ingrum Corporation produces and sells two products. In the most recent month, Product R38T had sales of $36,000 and variable expenses of $9,440. Product X08S had sales of $57,000 and variable expenses of $18,460. The fixed expenses of the en

123lol456   61   1 Reply

owenuton

Nussbaum Corporation has provided the following contribution format income statement. Assume that ...

Nussbaum Corporation has provided the following contribution format income statement. Assume that ...

[html]Nussbaum Corporation has provided the following contribution format income statement. Assume that the following information is within the relevant range.

123lol456   26   1 Reply

mavrik8511

Which of the following statements is true? Under the absorption costing method, a company can ...

Which of the following statements is true? Under the absorption costing method, a company can ...

[html]Which of the following statements is true?Under the absorption costing method, a company can increase profits simply by increasing the number of units produ

123lol456   55   1 Reply

flipninjamel

If variable manufacturing overhead is applied on the basis of direct labor-hours and the variable ...

If variable manufacturing overhead is applied on the basis of direct labor-hours and the variable ...

[html]If variable manufacturing overhead is applied on the basis of direct labor-hours and the variable overhead rate variance is favorable, then:

▸ the actual variable overhead rate exceeded the standard rate.

▸ the standard varia

123lol456   30   1 Reply

GlitterBug11

Valera Corporation makes a product with the following standards for labor and variable ...

Valera Corporation makes a product with the following standards for labor and variable ...

[html]Valera Corporation makes a product with the following standards for labor and variable overhead:

123lol456   45   1 Reply

durandal

Which of the following statements is true?Fixed costs should usually be included in performance ...

Which of the following statements is true?Fixed costs should usually be included in performance ...

[html]Which of the following statements is true?Fixed costs should usually be included in performance reports because fixed costs are generally controllable.
Fixed costs should not be inclu

123lol456   68   1 Reply

paris.chen

Excerpts from Aultman Corporation's comparative balance sheet appear below:Ending BalanceBeginning ...

Excerpts from Aultman Corporation's comparative balance sheet appear below:Ending BalanceBeginning ...

[html]Excerpts from Aultman Corporation's comparative balance sheet appear below:

123lol456   50   1 Reply

pigglyoink14

Many CPA firms have strategically decided to settle lawsuits brought against them out of court in ...

Many CPA firms have strategically decided to settle lawsuits brought against them out of court in ...

Many CPA firms have strategically decided to settle lawsuits brought against them out of court in order to avoid adverse publicity and costly legal fees.

▸ true

▸ false

18iq   42   1 Reply

itnow96

Firewalls can protect company data and software programs.

Firewalls can protect company data and software programs.

Firewalls can protect company data and software programs.

▸ true

▸ false

18iq   36   1 Reply

Gimor1220