The person who signs a note and promises to pay it is the maker
Indicate whether the statement is true or false
True
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Double-entry accounting is best characterized as:
a. The number of debit entries posted to the ledger equals the number of credit entries. b. The number of ledger accounts with debit balances is equal to the number with credit balances. c. Every transaction affects both an asset account and either a liability account or a stockholders' equity account. d. The total dollar amount of debit entries posted to the ledger is equal to the dollar amount of the credit entries.
Which of the following items is not contained in the standard report on a review of separately issued interim financial statements of public companies?
a. A description of the information reviewed. b. A statement indicating that the standards of the PCAOB were followed in performing the review. c. A description of the nature of the review. d. Positive assurance that the auditor is not aware of any material departures from GAAP.
Which treatment of unsatisfactory responses is desirable if 1. the number of respondents with unsatisfactory responses is small; 2. the proportion of unsatisfactory responses for each of these respondents is small;
or 3 . the variables with unsatisfactory responses are not the key variables? A) returning to the field to get better data B) classifying and counting questionnaires accordingly C) discarding unsatisfactory responses D) assigning missing values
The cash balance on June 30 is projected to be $4000. The company has to maintain a minimum cash balance of $5,000 and is authorized to borrow at the end of each month to make up any shortfalls. It may borrow in increments of $5,000 and has to pay interest every month at an annual rate of 4%. All financing transactions are assumed to take place at the end of the month. The loan balance should be repaid in increments of $5,000 whenever there is surplus cash. Calculate the ending projected cash balance before financing for August.
Carol's Chocolate Company has prepared its third quarter budget and provided the following data:
A) $7167
B) $5,000
C) $46,700
D) $(7833)