Which one of the following statements best describes the concept of materiality?
A. Materiality is determined by reference to specific quantitative guidelines established by the
AICPA.
B. Materiality depends only on the dollar amount of an item relative to other items in the
financial statements.
C. Materiality depends on the nature of an item but not on the dollar amount of the item.
D. Materiality is largely a matter of professional judgment.
D. Materiality is largely a matter of professional judgment.
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Alpha Corporation acquired a patent for $60,000 which has an expected service life of five years and zero salvage value. The annual amortization is
a. $5,000. b. $6,000. c. $12,000. d. $24,000. e. $30,000.
Uniform Supply accepted a $4,800, 90-day, 10% note from Tracy Janitorial on October 17. What entry should Uniform Supply make on January 15 of the next year when the note is paid? (Assume reversing entries are not made.) (Use 360 days a year.)
A. Debit Cash $4,920; credit Interest Revenue $100; credit Interest Receivable $20; credit Notes Receivable $4,800. B. Debit Cash $4,920; credit Notes Receivable $4,920. C. Debit Notes Receivable $4,800; debit Interest Receivable $120; credit Sales $4,920. D. Debit Cash $4,920; credit Interest Revenue $20; credit Interest Receivable $100; credit Notes Receivable $4,800. E. Debit Cash $4,920; credit Interest Revenue $120; credit Notes Receivable $4,800.
________ is used in fiber-to-the-home (FTTH) systems
Fill in the blanks with correct word
What is the probability a randomly selected patron prefers wine?