Who licenses CPAs?
a. The PCAOB.
b. The AICPA.
c. The State Boards of Accountancy.
d. The SEC.
c
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The installment method of recognizing revenue
a. should be used only in cases in which no reasonable basis exists for estimating the collectibility of receivables. b. is not a generally accepted accounting principle under any circumstances. c. should be used for book purposes only if it is used for tax purposes. d. is an acceptable alternative accounting principle for a firm that makes installment sales.
Which of the following features of preferred stock would most likely be opposed by common shareholders?
a. Par or stated value b. Participating c. Redeemable d. Callable
The entry to record inventory shrinkage under a perpetual inventory system would include a debit to ________
a. Cost of Merchandise Sold b. Inventory Shrinkage Expense c. Sales d. Inventory
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