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A petty cash fund: A. Should have at least two custodians B. Is established to pay on-the-spot minor purchases. C. Should issue checks for certain purchases D. Is established to pay large nonrecurring expenses. 2) Adjusting entries are: A. Not needed under accrual-basis accounting. B. Prepared at the beginning of the accounting period to update all accounts. C. Prepared at the option of the accountant. D. Prepared at the end of the accounting period to update certain accounts. 3) The rules for recording accounting transactions will include all of the following EXCEPT: A. Every transaction's net amount on the left side of the equation must equal the net amount on the right side of the equation. B. Both sides of the accounting equation must be affected. C. Total assets must always equal total liabilities plus total equity. D. Every transaction affects the financial statement of the business. 4)if a company fails to record a sale on account: A. Revenue on the income statement will be overstated. B. Net income on the income statement will be correct C. Assets on the balance sheet will be understated. D. Accounts receivable on the balance sheet will be overstated. 5)___is the allocation of the cost of an asset over the asset's useful life A. Accrual. B. Expiration. C. Deferral D. Depreciation.
Prepare the journal entries for each of the situations - At the time of the exchange, the land was advertised for sale at $250,000.The stock was selling at $11 per share.
slick corporation is a small producer of synthetic motor oil. during may the company produced 5000 cases of lubricant.
Develop a strategy for Anderson's foreign currency. The strategy should maximize Anderson's gain or minimize its loss, whatever the case.
Pacific Company is a rapidly growing start up business. Its bookkeeper, who was hired one year ago-Evaluate Pacific's internal control system and indicate which principles of internal control appear to have been ignored.
thibodeaux limousine corporation is trying to determine a predetermined manufacturing overhead. estimated overhead for
installment notes payable that require periodic payments of accrued interest plus equal amounts of principal result
the following unemployment tax rate schedule is in effect for the calendar year 2014 in state a which uses the reserve
What are the differences between a direct cost and an indirect cost? Which is the more difficult cost to track? Why? How do indirect costs affect the cost of a product? Should indirect costs be included in product cost? Why or why not?
Use probability-proportional-to-size method
martin has a basis in a partnership interest of 100000. at the end of the current year the partnership distributed to
the may 1 work in process inventory consisted of 105000 pounds with 219450 in materials cost and 134400 in conversion
Prepare a complete multiple step income statement for the company (showing both gross profit and income from operations).
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