Drew signs a check "pay to the order of Eastern State University" drawn on Drew's account in Fidelity Bank to pay her tuition. Drew is
A) none of the choices
B) the drawee.
C) the drawer.
D) the payee.
C
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There has been an auditor change at Company X. Which of the following situations may NOT signal a potential fraud problem?
a. Failure to pay an audit fee b. Auditee believing that the auditor's fees are too high c. Suspected fraud or other problems by the auditor d. Auditor-auditee disagreement
All of the following statements are true regarding accounting for software development costs except:
a. Firms must expense as incurred all costs incurred internally in developing computer software until such development achieves the technological feasibility of a product. b. Firms must capitalize as incurred all costs incurred internally in developing computer software. c. Researchers have found a significant association between costs and future earnings which support capitalizing and amortizing product development costs permitted by U.S. GAAP and IFRS. d. The interpretation of the meaning of technological feasibility has created diversity in the practice of accounting for software development costs.
The following information appears in Molsone Company's records for the year ended December 31: Inventory, January 1 .................................. $ 325,000 Purchases ............................................. 1,150,000 Purchase returns ...................................... 40,000 Freight-in ............................................ 30,000 Sales
................................................. 1,700,000 Sales discounts ....................................... 10,000 Sales returns ......................................... 15,000 On December 31 . a physical inventory revealed that the ending inventory was only $210,000 . Molsones gross profit on net sales has remained constant at 30 percent in recent years. Molsone suspects that some inventory may have been pilfered by one of the company's employees. At December 31 . what is the estimated cost of missing inventory? a. $75,000 b. $82,500 c. $210,000 d. $292,500
Creative people avoid risks
Indicate whether the statement is true or false