For which of the following topics is accounting under both U.S. GAAP and IFRS essentially the same?
A. Long-term assets.
B. Inventory.
C. Research and development expenditures.
D. Receivables.
Answer: D
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Describe internal control procedures that would (1) detect that a vendor overcharged for goods delivered, (2) prevent payment for an invoice for goods that were never delivered and (3) prevent issuing two checks in payment of the same invoice
A company has the following accounts receivable payment history Paid in the month of sale 10% Paid in the month following sale 30% Paid in the second month following sale 40% Paid in the third month following sale 10% Which of the following actions might increase the cash receipts over the coming year?
A) Allow customers longer to pay their accounts receivable balances. B) Turn uncollectible accounts over to a collection agency with a proven history of success. C) Give a cash discount to customers who already pay in the month of sale. D) All of these. E) None of these.
Raleigh Co. has the following products in its ending inventory. Compute the lower of cost or market total for inventory applied separately to each product. ProductQuantityCost per unit Market per unitJelly150$2.00 2.15 Jam370$2.65 2.50 Marmalade260$3.10 3.05
A. $2,053.50. B. $2,018.00. C. $2,086.50. D. $2,040.50. E. $2,109.00.
Which of the following accounts would most likely be reviewed by the auditor to gain reasonable assurance that additions to the equipment account are not understated?
A. Repairs and maintenance expense. B. Depreciation expense. C. Gain on disposal of equipment. D. Accounts payable.