In the state in which it received its initial charter a corporation is called a domestic corporation
Indicate whether the statement is true or false
True
You might also like to view...
Which one of the following business decisions will most likely require financial information?
a. The National Bank is reviewing the loan application from Petra's Restaurant. b. Petra's Restaurant is attempting to sell its stock to the public. c. The labor union representing Winn's Fitness Spa employees is negotiating a pay raise as part of a new labor agreement. d. All of these choices.
Final Analytical Procedures and Disclosures When auditing Global Alliance Industries, Inc, the auditor performed extensive analytical procedures and found the following: (a) The commission expenses as a percentage of sales has stayed constant for
several years, but has increased significantly in the current year. However, commission rates have not changed. (b) The rate of inventory turnover has steadily decreased for the past four years. (c) The inventory as a percentage of current assets has steadily increased for the past four years. (d) The number of days' sales in accounts receivable has steadily increased for three years. (e) The allowance for uncollectible accounts as a percentage of accounts receivable has steadily decreased for three years. (f) The absolute amounts of depreciation expense and depreciation expense as a percentage of gross fixed assets are significantly smaller than in the preceding year. REQUIRED: (1) Evaluate the significance of not disclosing or adjusting these items, if material, in the fair presentation of financial statements. (2) When assessing disclosures, what criteria do auditors use?
On October 1 . Ryan Company purchased $200,000 face value 12% bonds for 98 plus accrued interest and brokerage fees and classified them as held-to-maturity securities. Interest is paid semiannually on January 1 and July 1 . Brokerage fees for this transaction were $700 . At what amount should this acquisition of bonds be recorded?
a. $196,000 b. $196,700 c. $202,000 d. $202,700
The FIFO method is one of the methods used to calculate equivalent units in process costing
Indicate whether the statement is true or false