The database management system provides a controlled environment for accessing the database
Indicate whether the statement is true or false
T
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For a sale-leaseback transaction for which the lease qualifies as a capital lease, the seller-lessee should account for any gain on the sale of the asset as a gain to be
A) to be recognized immediately. B) to be deferred and amortized in proportion to the lease payments over the lease term. C) to be deferred and amortized in proportion to the amortization of the leased asset. D) to be recorded directly as an increase to Retained Earnings.
Which of the following is not a reason why an auditor obtains an understanding of internal controls?
a. Understanding the entity's internal control is a requirement of GAAS. b. The auditor must use the information to assess the risk of material misstatements arising from the lack of internal control. c. It is the primary basis for the audit report. d. It assists the auditor in designing the nature, timing and extent of further audit procedures.
A new machine with a purchase price of $94,000, with transportation costs of $8,000, installation costs of $5,000, and special acquisition fees of $2,000, would have a cost basis of
A) $ 99,000 B) $107,000 C) $102,000 D) $109,000
What is the similarity between a buyer's remedy of capture and replevy?
A) both are invoked when the buyer has to cover B) both are invoked for accepting nonconforming goods C) both help the buyer to receive damages D) both help the buyer recover goods from the seller