An accountant who recently examined 200 accounts from a company's total of 4,000 accounts in an effort to estimate the percentage of all accounts that have incorrect journal entries is using descriptive statistical analysis to reach the conclusion
Indicate whether the statement is true or false
FALSE
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With the effective interest method of amortization, the amortization of a bond discount results in a(n):
A) increase in stockholders' equity. B) decrease in liabilities. C) increase in interest expense. D) decrease in interest expense.
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Monro Inc. uses the accrual method of accounting. Here is a reconciliation of Monro's allowance for bad debts for the current year.Beginning allowance for bad debts?$ 61,150??Actual write-offs of accounts receivable during the year?(80,000)?Addition to allowance? 88,500??Ending allowance for bad debts?$ 69,650??Because of the difference between the GAAP and the tax rules for accounting for bad debts, Monro Inc. has an:
A. $8,500 permanent excess of taxable income over book income. B. $8,500 temporary excess of taxable income over book income. C. $8,500 temporary excess of book income over taxable income. D. $8,500 permanent excess of book income over taxable income.
If data for a time series analysis is collected on an annual basis only, which pattern does not need to be considered?
a. trend b. seasonal c. cyclical d. horizontal