When Shoes International went out of business after some serious and unethical accounting errors, its accounting company also closed its doors. 123Jump, a French company, was concerned that the unethical behaviors that occurred were an American problem, so it cancelled its business with another American accounting company and used a French one instead. Who was harmed by Shoes International's
unethical behavior?
A)only Shoes International
B)only Shoes International and the accounting firm it used
C)Shoes International, the accounting industry and the United States
D)only 123Jump
C
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Cushion Sports accepted a credit card account receivable in exchange for $5,000 of services provided to a customer. The credit card company charges a 5% service charge. Recording the transaction in the company's accounting records will have what effect on the accounting equation?
a. Increase assets and equity by $4,750 b. Decrease assets and equity by $250 c. Increase assets by $5,000 d. Increase equity by $5,000
. Under the dimensions of observation, what is meant by object?
a. the physical things that are present at the time of the behavior b. the product or service being observed c. single actions that people do d. the physical place or places
Mr. Jones agrees to buy a tractor from Monster Tractor Ltd. With Monster's consent, he backdates the contract and the cheque so he can claim the expense in the previous tax year
Monster is late in delivery, so it agrees to pay interest on the purchase price until Jones receives the tractor. After delivery, Monster refuses to pay the interest, and Jones sues. Which of the following statements is TRUE? A) The contract is enforceable. Its purpose was to buy and sell a tractor, and there is nothing illegal about that. B) The contract is enforceable. There was an illegal purpose to the original agreement, but it had nothing to do with the agreement to pay interest. C) The contract is enforceable. While it is true that Jones was attempting to cheat on his taxes, and Monster was knowingly assisting him, as between the two of them one is no better than the other. D) The contract is unenforceable. There was an illegal purpose to the original agreement, to cheat Revenue Canada so it also made the agreement to pay interest unenforceable. E) Both B and C
Testor Products uses a job-order costing system with a predetermined overhead rate based on machine-hours. The company closes out any underapplied or overapplied overhead to Cost of Goods Sold.Required:If overhead is overapplied, what adjustment does the company make to Cost of Goods Sold? Is Cost of Goods Sold increased or decreased? Why?
What will be an ideal response?