In preparing a bank reconciliation, the amount of a canceled check omitted from the journal is added to the balanceper company's records.
a. True
b. False
Indicate whether the statement is true or false
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Q. 2) On January 1, 2011, We Haul, Inc. bought a 48,000 truck, which has no residual value and an expected life of 6 years. How much depreciation expense should the company report for the year ended December 31, 2011?
A) 8,000
B) 16,000
C) 24,000
D) 40,000
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Q. 3) A policy that requires employees to alternate jobs periodically is called:
a. segregation of duties
b. forced vacations
c. rotation of duties
d. personnel planning
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Q. 4) Tarnisha Smith is pleased with the performance of her business, Out of Africa. She is thinking about borrowing money to expand her business.
Before she does that, she wants to learn more about using financial statements to analyze the impact of debt on her business. Explain to Tarnisha what information about liabilities is found in each financial statement. Then explain to Tarnisha how the debt-to-equity is used to evaluate companies.
What will be an ideal response?
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Q. 5) ____________________ provides insurance for employees who suffer a job-related illness or injury.
Fill in the blank(s) with correct word
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Q. 6) On January 1, Micha's Jewelers issued thirty 1,000, ten-year, 6 bonds for 29,400. Using straight-line amortization, the interest expense for the first year is ________.
A) 1,800
B) 1,764
C) 1,860
D) 1,824
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