Your mentor can be a very valuable resource and can help you quickly learning the rules, including the "understood" rules and expectations
Indicate whether the statement is true or false
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The accumulation of which potential misstatements to accumulate for the purpose of assessing the materiality of misstatements is often based on whether items are considered clearly trivial
a. True b. False Indicate whether the statement is true or false
Specific performance is generally awarded:
A) Where the contract involves the sale of property that is unique. B) Only if provided for in a liquidated damages clause. C) In cases where nominal damages are also awarded. D) Only under the U.C.C. E) When the nonbreaching party requests it.
In the context of establishing incentive systems, identify a true statement about the attitude of unions toward incentives.
A. Unions tend to oppose organizationwide incentive systems because such systems are more beneficial for executives than they are for low-level employees. B. Unions tend to favor individual piece-rate system so that the contributions of individual workers are recognized. C. Unions tend to support organizationwide systems because they provide extra earnings to their members. D. Unions tend to push for incentive systems that create competition between individual workers or different worker groups.
Martinez owns machinery that cost $87,000 with accumulated depreciation of $40,000. The company sells the machinery for cash of $42,000. The journal entry to record the sale would include:
A. A debit to Cash of $42,000. B. A credit to Accumulated Depreciation of $40,000. C. A credit to Gain on Sale of $2,000. D. A debit to Accumulated Depreciation of $47,000. E. A credit to Machinery of $47,000.