A noncash investing activity should be disclosed in a note to the statement of cash flows or on a separate schedule.
Answer the following statement true (T) or false (F)
True
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Existing professional guidance notes that auditors must make materiality assessments for purposes of (1) audit planning and (2) evidence evaluation after audit procedures are completed
a. True b. False Indicate whether the statement is true or false
The unadjusted trial balance at year-end for a company that uses the percent of receivables method to determine its bad debts expense reports the following selected amounts: Accounts receivable$455,000?DebitAllowance for Doubtful Accounts 1450?CreditNet Sales 2,300,000?CreditAll sales are made on credit. Based on past experience, the company estimates 2.5% of ending account receivable to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?
A. Debit Bad Debts Expense $15,750; credit Allowance for Doubtful Accounts $15,750. B. Debit Bad Debts Expense $9925; credit Allowance for Doubtful Accounts $9925. C. Debit Bad Debts Expense $5750; credit Allowance for Doubtful Accounts $5750. D. Debit Bad Debts Expense $11,375; credit Allowance for Doubtful Accounts $11,375. E. Debit Bad Debts Expense $12,825; credit Allowance for Doubtful Accounts $12,825.
Answer the following statements true (T) or false (F)
1. A consequence faced by companies that relocate their facilities is a drop in market share. 2. A factor that influences the choice of a global location is the lead time. 3. A factor that influences the choice of a global location is the ISO requirements. 4. Fishing is an industry that would need to relocate due to depleted raw materials or natural resources.
The term "accrual" describes an earnings event that is recognized before cash is received or paid.
Answer the following statement true (T) or false (F)