Which of the following is not a requirement of Sarbanes-Oxley?
a. Annual report must include an internal control report
b. External auditors can no longer provide human resource services
c. External auditors can no longer provide brokerage services
d. Must establish an internal control system that guarantees financial accuracy
d
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On January 1, 2018, Sun Company's balance sheet reported a deferred tax liability of $185,000 and a deferred tax asset of $99,900. The future taxable amounts that existed as of January 1, 2018, will reverse equally over the next four years beginning in 2018, while the future deductible amounts that existed as of January 1, 2018, will reverse equally over the next three years beginning in 2018. The enacted income tax rate for all tax years as of January 1, 2018, was 37%. On February 1, 2018 the tax laws were amended resulting in income tax rates of 38% for 2018 and 2019; the income tax rate will be 40% for tax years 2020 and later.Requirement:Prepare the journal entry on February 1, 2018 to record the impact of the amended income tax rates.
What will be an ideal response?
A printed price of manufacturer or wholesaler that is subject to special discounts is called a
a. net price; b. gross price; c. list price; d. trade price; e. purchase requisition
When comparing the direct write-off method and the allowance method of accounting for uncollectible accounts, which entry would not be found under the allowance method?
A) Bad Debt Expense 500Allowance for Doubtful Accounts 500 B) Bad Debt Expense 500Accounts Receivable - Bob Smith 500 C) Cash 300Allowance for Doubtful Accounts 200Accounts Receivable - Bob Smith 500 D) Cash 500Accounts Receivable - Bob Smith 500
Identify, in order, the five steps required to implement the Monte Carlo simulation technique
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