How frequently does the PCAOB inspect registered accounting firms that audit 100 or more issuers?
a. Annually
b. Every two years.
c. Every three years
d. Every five years.
a
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Some analysts properly refer to a company's profit margin as its return on assets
a. True b. False Indicate whether the statement is true or false
A(n) ________ is a straight reduction in price on purchases during a stated period of time or of larger quantities
A) allowance B) free sample C) discount D) tax credit E) quota
Revenue recognition is among the most complex issues in financial reporting. The quantity and complexity of the authoritative guidance for recognizing revenues result(s) from
a. misreporting of revenues. b. reporting revenues before the firm earns them. c. reporting nonexistent revenues. d. firms bundling products and services and selling them in multiple-element arrangements. e. all of the above.
If the Chen Company sells the equipment for $3,000 cash, the entry to record the sale would be as follows:
a. Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 Accumulated Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6,000 Loss on Sale of Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,000 Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 b. Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 Salvage Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000 Loss on Sale of Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 c. Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 Salvage Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6,000 Loss on Sale of Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 d. Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 Accumulated Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6,000 Loss on Sale of Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 e. Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 Accumulated Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6,000 Loss on Sale of Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000