Which of the following is a criterion that needs to be fulfilled by an individual to be recognized as a certified public accountant?
A. He or she must serve the Securities and Exchange Commission for at least two years after passing the certified public accountancy examination.
B. He or she must complete the equivalent of 150 semester hours of college education with a heavy emphasis in accounting and other business-related courses.
C. He or she must complete at least three years of direct work experience in the field of accounting.
D. He or she must pass a rigorous five-day, six-part examination.
Answer: B
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When are revenues and expenses recognized in the same accounting period that cash receipts and payments occur?
a. Under the cash basis of accounting b. Under the accrual basis of accounting c. Under the adjusting method of accounting d. Under both the cash and accrual bases of accounting
Answer the following statements true (T) or false (F)
1. A revenue tariff is designed to protect domestic products from foreign imports by raising the price of the latter. 2. An import quota is a trade barrier in the form of a customs duty, or tax, levied mainly on imports. 3. Dumping is the practice of a foreign company exporting products abroad at a lower price than the price in the home market, or even below the costs of production, in order to drive down the price of the domestic product. 4. Cuban cigars and sugar cannot legally be imported into the United States because of a trade embargo.
When a net loss has been suffered, Retained Earnings will contain a negative balance
Indicate whether the statement is true or false
Regarding new-task organizational buying, which of the following is/are likely to be involved?
A. purchasing manager B. top managers C. production process engineers D. production line supervisors E. All these answers are correct.