Assume that the custodian of a $450 petty cash fund has $56.30 in coins and currency plus $389.00 in receipts at the end of the month. The entry to replenish the petty cash fund will include:
A. A credit to Cash Over and Short for $4.70.
B. A debit to Cash for $393.70.
C. A credit to Cash for $393.70.
D. A debit to Petty Cash for $389.00.
E. A debit to Cash for $384.30.
Answer: C
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The valuation/allocation and completeness assertions are usually the most relevant for auditing cash
a. True b. False Indicate whether the statement is true or false
Leaders working to improve even one element of their mental approach can move forward in a significant way toward mastering their minds because:
a. all leaders score higher than most people on tests of cognitive ability. b. all leaders have similar scores in emotional intelligence tests. c. all five elements of mind are interdependent. d. all elements of mind prevent shifting of mental models.
Erin has just concluded another case in which she lived up to the slogan posted on billboards all over the city: "The number-one choice for women facing divorce!" She followed textbook negotiation strategies and came fully prepared to the meeting with her client's soon-to-be ex-husband and his lawyer. At the meeting, Erin asked a number of questions, maintained a friendly atmosphere, and presented her client's list of demands. In the end, she got everything she wanted for her client-the house, one of the cars, custody of the children-and did so without acceding to a single one of the opposing side's demands. They finished off with a formalized agreement and then Erin and her client went out to celebrate their victory. However, Erin may have missed one thing, which is that she should have
A. sought to win over the other side, not simply in legal terms but also in personal terms, so as to maintain a friendly atmosphere. B. asked her client if there were any point at which she would rather walk away than give up anything more. C. taken a different tone from the beginning, dispensing with niceties and letting the other side know that she intended to win. D. spent more time researching the husband's net worth to see if she could extract more money for her client. E. let the other side win on some small point, so they would walk away feeling they had won at least something.
A graphic depiction of the break-even point is known as a cost-volume-profit (CVP) chart.
Answer the following statement true (T) or false (F)