Which of the following is true of financial services provided by persons working in banks, insurance companies, and brokerage firms?
A. Persons working in banks, insurance companies, and brokerage firms help investors achieve the highest earnings per share.
B. Persons working in banks, insurance companies, and brokerage firms help individuals and companies determine how to invest money to achieve their financial goals.
C. Persons working in banks, insurance companies, and brokerage firms help corporations fulfill the regulations required by the Sarbanes-Oxley Act.
D. Persons working in banks, insurance companies, and brokerage firms help public corporations follow environment-friendly practices.
E. Persons working in banks, insurance companies, and brokerage firms help corporations in framing their bylaws.
Answer: B
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An example of an event where the book value of property, plant, and equipment may not be recoverable would include
A) a significant change in the way the asset is used. B) a current period operating loss. C) a significant decrease in the fair value of the asset. D) All of these choices are examples where the book value may not be recoverable.
With a substantive audit strategy, what is an auditor likely to do?
a. Extensively tests internal controls. b. Limit the testing of internal controls. c. Not assess control risks. d. Issue an adverse opinion on the financial statements.
The city of Granby, Colorado, recently enacted a 1.5 percent surcharge on vacation cabin rentals that will fund the city's new elementary school. This surcharge is an example of ________.
A. a sin tax to discourage undesirable behavior B. a government fine C. a sin tax to discourage undesirable behavior and an earmarked tax D. an earmarked tax E. None of the choices are correct
During June, Vixen Company sells $850,000 in merchandise that has a one year warranty. Experience shows that warranty expenses average about 3% of the selling price. Customers returned $14,000 of merchandise for warranty replacement during the month. The entry to record the estimated warranty liability at the end of the month is:
A. Debit Estimated Warranty Liability $14,000; credit Warranty Expense $14,000. B. Debit Warranty Expense $11,500; credit Estimated Warranty Liability $11,500. C. Debit Warranty Expense $25,500; credit Estimated Warranty Liability $25,500. D. Debit Warranty Expense $14,000; credit Estimated Warranty Liability $14,000. E. Debit Estimated Warranty Liability $11,500; credit Warranty Expense $11,500.