The U.S Federal Sentencing Guidelines for organizations requires organizations to establish a(n)
a. Annual reporting cycle
b. Effective compliance program
c. Limited accounting principles
d. Greater confidence
b. Effective compliance program
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Answer the following statements true (T) or false (F)
1.Instant decisions are also known as snap judgments. 2.When we assume that situations and people stay the way they are, we make frozen evaluations. 3.According to group-based processing, if we are younger and identify an individual as belonging to the category of older adults, then our attitudes toward that person may be affected by the attitudes we have toward older persons in general. 4.The tendency to perceive what is right or wrong, good or bad, according to the categories and values in our own culture is known as ethnocentrism. 5.Like education and culture, our motivation causes us to exhibit our own perceptual preferences.
The members of the __________ are appointed by the Financial Accounting Foundation
a. American Accounting Association. b. Financial Accounting Standards Board c. Securities and Exchange Commission. d. American Institute of Certified Public Accountants.
A division of Shamrock Corporation reported a return on investment of 20% for a recent period. If the division's asset turnover was 5, its profit margin must have been
a. 100% b. 4% c. 25% d. 2%
At the beginning of 2017, Delicious Drinks, Inc has the following account balances
Accounts Receivable $44,000 (debit balance) Allowance for Bad Debts $6,000 (credit balance) Bad Debts Expense $0 During the year, credit sales amounted to $800,000. Cash collected on credit sales amounted to $760,000, and $18,000 has been written off. At the end of the year, the company adjusted for bad debts expense using the percent-of-sales method and applied a rate, based on past history, of 3.5%. The ending balance of Accounts Receivable is ________. A) $44,000 B) $66,000 C) $56,140 D) $18,000