Cheryl writes checks totaling $200, but she has only $100 in her account. Check #101 is for $50; #102 is for $75; #103 is for $25; and #104 is for $50. All of the checks reach the bank on the same day. In what order should the bank charge them?
A) Under Article 4, it must charge them in the order in which they were drawn.
B) It must call the customer to ask which items should be paid.
C) The bank may pay them in any order it deems convenient.
D) The bank must dishonor all of the checks.
C
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As owner and senior accountant at a tax preparation firm, Mark is changing the work schedule of all employees, including managers and accountants, for the months of March and April, the company's busiest time. He is requiring everyone to work on weekends, just as he has during the tax-preparation season for the last ten years. Mark should expect that his employees will be
A. terribly upset and will quit. B. moderately upset but not willing to quit. C. moderately upset and complain. D. hardly upset or not upset at all. E. terribly upset but not quit.
The authorized stock of a corporation
a. must be recorded in a formal accounting entry b. only reflects the initial capital needs of the company c. is indicated in its by-laws d. is indicated in its charter
Which of the following internal control activities most likely would prevent direct labor hours from being charged to manufacturing overhead?
A. Periodic independent counts of work-in-process for comparison to recorded amounts. B. Reconciliation of work-in-process inventory with periodic cost budgets. C. Comparison of daily journal entries with approved production orders. D. Use of time sheets to record actual labor worked on production orders.
Transnational innovation requires management processes to be dominated by simple systems of control
Answer the following statement(s) true (T) or false (F)