Which combination of activities within a single financial institution is least likely to lead to conflicts of interest?
A) Auditing and management advisory services
B) Commercial banking and investment banking
C) Assessment of credit quality and consulting
D) Consumer lending and business lending
D
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Outside marketing research companies hired to supply marketing research data are called external suppliers
Indicate whether the statement is true or false
When recruiting for short-term shortage situations, ______ can be the most useful source.
A. employee referrals B. temporary agencies C. contingency agencies D. public agencies
A group of related accounts that make up a complete unit is called a trial balance
Indicate whether the statement is true or false
Fortune Drilling Company acquires a mineral deposit at a cost of $5,900,000. It incurs additional costs of $600,000 to access the deposit, which is estimated to contain 2,000,000 tons and is expected to take 5 years to extract. What journal entry would be needed to record the expense for the first year assuming 418,000 tons were mined?
A. Debit Depletion Expense $1,358,500; credit Accumulated Depletion $1,358,500. B. Debit Depreciation Expense $1,233,100; credit Accumulated Depreciation $1,233,100. C. Debit Depreciation Expense $1,358,500; credit Accumulated Depreciation $1,358,500. D. Debit Amortization Expense $1,358,500; credit Accumulated Amortization $1,358,500. E. Debit Depletion Expense $1,233,100; credit Accumulated Depletion $1,233,100.