These individuals examine the firm's accounting systems and comment on whether financial statements fairly represent the firm's financial position.

Knollwood Corporation issued $278,000 of 30-year, 8 percent bonds at 106 on one of its semi-annual interest dates. The straight-line method of amortization is to be used. The entry to record the bond interest expense on the next interest payment date is:

a. Bond Interest Expense 11,120 Cash 11,120 b. Bond Interest Expense 11,398 Cash 11,398 c. Bond Interest Expense 10,520 Cash 10,520 d. Bond Interest Expense 10,842 Unamortized Bond Premium 278 Cash 11,120

An advertising company would probably use a process costing system

Indicate whether the statement is true or false

Which of the following involves an invalid assignment that a court would not enforce?

A) An assignment of a savings account accompanied by the delivery of the passbook B) An assignment lacking consideration C) An assignment of an automobile liability insurance policy accompanied by the delivery of the policy D) An assignment in writing signed by the assignor and delivered to the assignee

Triggers are damaging code that attackers use to destroy databases

Indicate whether the statement is true or false.