Conrad has a specific goal related to his job as a police detective, so he is likely to
A) forget the purpose of being a police detective.
B) question why he became a police detective.
C) decrease his performance.
D) improve his performance.
Answer: D
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Distributions to owners include all of the following except
A) ?paying dividends. B) ?repurchasing treasury stock. C) ?giving away fixed assets. D) ?noncontrolling interests.
Credits in the factory overhead account represent the actual overhead costs incurred
Indicate whether the statement is true or false
If marketable securities increase, then cash should usually decrease by a similar amount, since cash was probably used to purchase the securities. An exception to this is:
a. when the company paid through a check. b. when the marketable securities are purchased through a broker. c. when the company incurred debt or traded an asset for the securities. d. when the transaction was not recorded in the books of accounts.
For each of the independent cases below, identify the principle of internal control that is violated, and recommend what should be done to remedy the violation.1. In order to save money, Indigo Company has decided to drop its property insurance on assets; and stop bonding the cashiers who handle upwards of $5,000 in cash each day.2. Jobs Company records each sale on a preprinted invoice. Because invoices are sometimes damaged in the process of preparation, the invoices are not prenumbered. Instead, the sales clerk writes the next number on each invoice as it is prepared.3. Keegan Company is a very small business. Dylan Epps, one of the two office clerks, opens the mail each day and removes the cash receipts that come in the mail. Dylan also records the receipts in the cash records and the
customer's account and deposits the cash in the bank.4. Ludwig Company prides itself on hiring only the most competent employees. The owner, Jeremy Ludwig, believes that since the employees are highly competent he can show he trusts them completely by not checking up on their performance.5. Maple Industries is a small business with three accounting employees. Each employee is well-trained and able to perform any of the accounting tasks, including handling cash receipts and cash payments, and preparing the bank reconciliation. Because of this cross-training, the employees share responsibilities for all of the tasks. What will be an ideal response?