The contact rule applies in which of the following states?
A) Alabama
B) Indiana
C)New York?
D) Texas
C
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The purpose of the auditor‘s consideration of the effectiveness of internal controls is to determine the nature, extent and timing of substantive testing
a. True b. False Indicate whether the statement is true or false
Gilday Furniture Inc produces custom furniture. Wood chips are an inevitable by-product of the cutting process, and are considered scrap. Gilday is unable to use this scrap; however, the company has an agreement to sell the scrap at market prices to a
local company that processes the wood chips to make industrial fillers. Record the entries required for scrap under each of the following conditions: (a) The revenue received for scrap is to be treated as other income. The market value of wood chips is stable and is currently $200 per ton. The company has seven tons on hand. (b) The revenue received for scrap is to be treated as a reduction in manufacturing cost, but cannot be identified with a specific job. A firm price is not determinable for the scrap until it is sold. It is eventually sold for cash of $800. (c) The revenue received for scrap is to be treated as a reduction in manufacturing cost, and five tons of scrap are related to a special job where the company made numerous round tables. The market value of wood chips is stable and is currently $200 per ton.
Give examples of three types of common cost components of a building that is purchased.
What will be an ideal response?
If a firm increases its current assets relative to total assets, ________
A) it increases return and reduces risk B) it increases return and increases risk C) it reduces return and reduces risk D) it reduces return and increases risk