Audit data standards (ADS) are standards for data files and fields typically needed to support an external audit in a given financial business process area.
Answer the following statement true (T) or false (F)
True
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Innovate Company borrowed on a one-year, 10%, $150,000 note on May 1, 2015 with interest and principal to be paid at maturity. How much interest should Innovate Company report on its income statement for the year ending December 31, 2016?
a. $ 10,000 b. $ 15,000 c. $ 30,000 d. $ 5,000
Answer the following statements true (T) or false (F)
The Accounting Standards Steering Committee (ASSC) is the United Kingdom equivalent of the Securities and Exchange Commission.
Budgets need to be fair and attainable for employees to consider the budget important in their normal daily activities. Which of the following is not considered a human behavior problem?
A) Setting goals among managers that conflict with one another. B) Setting goals too tightly making it difficult to meet performance expectation. C) Allowing employees the opportunity to be a part of the budget process. D) Allowing goals to be so low that employees develop a "spend it or lose it" attitude.
Which of the following is a true statement regarding APB Opinion No. 5?
a. It took a legalistic approach to determining whether a lease was in substance a purchase. b. The stated objective was to clarify ARB 38, not change it. c. Cancellability was viewed as mitigating the executory nature of lease contracts. d. It greatly increased the number of leases that were capitalized.