Which type(s) of activities are flexible budgets most useful for?
A) Operating activities
B) Control activities
C) Planning activities
D) Both control and planning activities
B
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The cultural and social environment affects how and why people live and behave as they do.
Answer the following statement true (T) or false (F)
Thorne's "Integrated Model of Ethical Decision Making" can best be described as:
A. A depiction of how the Principles in the AICPA Code of Professional Conduct influences decision making B. A model of the role of virtue in decision making C. A depiction of a model of moral development D. A model of the role of moral development and virtue in decision making
When engaged to compile the financial statements of a nonpublic entity, an accountant is required to possess a level of knowledge of the entity's accounting principles and practices. This requirement most likely will include obtaining a general understanding of the
A. Stated qualifications of the entity's accounting personnel. B. Design of the entity's internal controls placed in operation. C. Risk factors relating to misstatements arising from illegal acts. D. Internal control awareness of the entity's senior management.
The change in each of Kendall Corporation's balance sheet accounts last year follows: IncreaseDecreaseCash and cash equivalents$3,000 Accounts receivable$2,000 Inventory $3,000 Prepaid Expenses$4,000 Long-term Investments $15,000 Property, Plant and Equipment$10,000 Accumulated Depreciation$8,000 Accounts payable $9,000 Accrued Liabilities$6,000 Bonds Payable $13,000 Common Stock$5,000 Retained Earnings$4,000 Kendall Corporation's income statement for the year was: Sales$300,000Cost of goods sold 180,000Gross margin 120,000Selling and administrative expense 116,000Net income$ 4,000?There were no sales or retirements of property, plant, and equipment and no dividends paid during the year. The
company pays no income taxes and it did not purchase any long-term investments, issue any bonds payable, or repurchase any of its own common stock. The net cash provided by (used in) operating activities on the statement of cash flows is determined using the direct method.The selling and administrative expense adjusted to a cash basis would be: A. $110,000 B. $120,000 C. $106,000 D. $112,000