Answer the following statement(s) true (T) or false (F)
1. A point estimate is a single value.
2. 
3. Point estimates provide a perfect representation of a population parameter.
4. Interval estimates provide a range of values derived from a sample as an estimate of a parameter.
5. A confidence interval is a type of interval estimate.
1.true
2.false
3.false
4.true
5.true
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Which of the following is a responsibility of the PCAOB?
a. To set financial reporting standards for public companies. b. To set financial reporting standards for private companies. c. To set audit standards for public companies. d. To set audit standards for private companies.
O'Malley, Inc. issued 60,000 shares of common stock in exchange for manufacturing equipment. The equipment has a fair value of $1,420,000. The stock has a par value of $0.05 per share. The journal entry to record this transaction includes a ________.
A) debit to Cash for $14,170,000 B) credit to Gain on Sale of Common Stock for $1,480,000 C) credit to Paid-In Capital in Excess of Par—Common for $1,417,000 D) credit to Common Stock—$0.05 Par Value for $1,420,000
A bank with no physical location is referred to as a(n)?
a. Direct bank b. Indirect bank c. Virtual bank d. Hidden bank
On March 1, 2016, Emerson Services issued a 4% long-term notes payable for $16,000
It is payable over a 4-year term in $4,000 annual principal payments on March 1 of each year plus interest, beginning March 1, 2017. Each yearly installment will include both principal repayment of $4,000 and interest payment for the preceding one-year period. On March 1, 2017, ________. The accounting period ends on December 31. A) Emerson must accrue $4,000 of Interest Expense B) Emerson must accrue the coming $4,000 as the current portion of principal payment C) Emerson must pay $640 of interest to the note holder D) Emerson will receive $4,000 as an installment payment