Secondary data
A. are rarely available and are expensive.
B. may provide some background but never provide the answer.
C. can be in the form of online surveys or observations.
D. are specifically collected to solve a current problem.
E. consist of information that has been collected already.
Answer: E
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A "right-to-audit" clause:
a. provide rights to the vendor to audit the company's books at any time. b. gives an external auditor the right to audit the company's books. c. is considered in civil court as an invasion of privacy. d. alerts vendors that the company reserves the right to audit the vendor's books at any time.
Betty‘s Bakery sells cupcakes to coffee shops and restaurants. The company strives to increase its market share in terms of the revenue generated. This illustrates the _____ pricing objective.
A. status quo B. profit-oriented C. bait D. sales-oriented
A failure to follow generally accepted accounting principles and gener¬ally accepted auditing standards is proof of a lack of due diligence
Indicate whether the statement is true or false
Symons Corporation has provided the following financial data:Balance SheetDecember 31, Year 2 and Year 1AssetsYear 2Year 1Current assets: Cash$225,000 $160,000 Accounts receivable, net 191,000 180,000 Inventory 96,000 110,000 Prepaid expenses 91,000 80,000 Total current assets 603,000 530,000 Plant and equipment, net 810,000 840,000 Total assets$ 1,413,000 $ 1,370,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable$226,000 $190,000 Accrued liabilities 66,000 70,000 Notes payable, short term 54,000 50,000 Total current liabilities 346,000 310,000 Bonds payable 170,000 170,000 Total liabilities 516,000 480,000 Stockholders'
equity: Common stock, $5 par value 250,000 250,000 Additional paid-in capital 70,000 70,000 Retained earnings 577,000 570,000 Total stockholders' equity 897,000 890,000 Total liabilities & stockholders' equity$ 1,413,000 $ 1,370,000 Income StatementFor the Year Ended December 31, Year 2Sales (all on account)$1,260,000 Cost of goods sold 760,000 Gross margin 500,000 Operating expenses 473,429 Net operating income 26,571 Interest expense 13,000 Net income before taxes 13,571 Income taxes (30%) 4,071 Net income$ 9,500 Dividends on common stock during Year 2 totaled $2,500. The market price of common stock at the end of Year 2 was $2.01 per share.The company's earnings per share for Year 2 is closest to: A. $11.54 per share B. $0.27 per share C. $0.19 per share D. $0.53 per share