Accountants may hesitate to record a questionable entry if they know:
A. Internal audit is likely to detect the possible error
B. Internal audit is likely to detect the inappropriate financial reporting practices
C. Internal audit is likely to communicate it to the external auditors
D. Internal audit is likely to blow the whistle on inappropriate financial reporting practices
B. Internal audit is likely to detect the inappropriate financial reporting practices
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Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $40,000 and $60,000 respectively. Income Summary has a credit balance of $20,000. What is Saturn's capital balance after closing Income Summary to Capital?
A) $55,000 B) $75,000 C) $45,000 D) $65,000
Discuss the four approaches that are widely used to express the costs of employee benefits and services.
What will be an ideal response?
In South Dakota v. Department of Interior, the delegation of power to the Secretary of
the Interior to acquire land in trust for the Lower Brule Tribe of Sioux Indians was declared unconstitutional because: a. the Lower Brule Tribe of Sioux Indians was not recognized as a legitimate tribe eligible for benefits in the authorizing Act b. the enabling statute did not articulate the underlying public use that justified the acquisition and the secretary's power to purchase land was not properly defined c. Congress may delegate authority to purchase open federal land but not private land such as land within established city limits (the City of Oacoma) d. the statute provided an unfair advantage to Indians, putting other Constitutionally protected groups at a disadvantage e. all of the above
Palsgraf v. Long Island Railroad Co addressed the issue of furnishing alcohol to minors
a. True b. False Indicate whether the statement is true or false