Good preparation for an interview is to study your résumé, as the typical interview focuses on information contained in the applicant's résumé
Indicate whether the statement is true or false
F
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Which of the following statements is false regarding a credit memorandum?
a. A credit memorandum is added to the balance per the company's books b. A credit memorandum could be issued for interest earned on checking balances c. A credit memorandum is issued when the bank collects a note for the customer. d. A credit memorandum is subtracted from the balance per the company's books.
Any unamortized bond discount should be reported on the balance sheet of the issuing corporation as a(n)
a. asset. b. direct deduction from retained earnings in the stockholders' equity section. c. addition to the face amount of the bonds in the liability section. d. direct deduction from the face amount of the bonds in the liability section.
If a principal accepts the benefits of a whole unauthorized contract, the principal is deemed to have ratified the contract and is bound as if the act had been originally authorized
a. True b. False Indicate whether the statement is true or false
Allyn Company purchased equipment costing $55,000 on January 1, Year 1. The equipment is estimated to have a salvage value of $5,000 and an estimated useful life of 5 years. Double-declining-depreciation is used, and all depreciation has been recorded as of December 31, Year 2. If the equipment is sold on December 31, Year 2 for $15,000, the journal entry to record the sale is:
A. Debit Cash, $15,000; Debit Accumulated Depreciation, $13,200; Debit Loss on Sale, $26,800; Credit Equipment, $55,000. B. Debit Cash, $15,000; Debit Accumulated Depreciation, $40,000; Credit Equipment, $55,000. C. Debit Cash, $15,000; Debit Accumulated Depreciation, $35,200; Debit Loss on Sale, $4,800; Credit Equipment, $55,000. D. Debit Cash, $15,000; Debit Loss on Sale, $40,000; Credit Equipment, $55,000. E. Debit Cash, $15,000; Debit Accumulated Depreciation, $22,000; Debit Loss on Sale, $18,000; Credit Equipment, $55,000.