A pay plan that does not encourage the overall company good is
a. profit sharing.
b. an employee stock option plan.
c. contingent pay.
d. monthly salary.
D
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Bethany Corp reported $80,000 of net income for 2016. The following errors were then discovered: · Ending 2016 accrued expense was overstated by $2,000. · 2016 earned revenue was overstated by $3,000. · Ending 2016 prepaid expense was overstated by $500. Ignoring income taxes, what is the correct amount of 2016 net income?
A) $85,500 B) $84,500 C) $78,500 D) $76,500
When an accountant violates a duty, he may be called before an administrative body, but not a judicial body.
Answer the following statement true (T) or false (F)
Bonds with a face amount $1,000,000, are sold at 106. The entry to record the issuance is:
A) Cash 1,000,000Premium on Bonds Payable 60,000Bonds Payable 1,060,000 B) Cash 1,060,000Premium on Bonds Payable 60,000Bonds Payable 1,000,000 C) Cash 1,060,000Discount on Bonds Payable 60,000Bonds Payable 1,000,000 D) Cash 1,060,000Bonds Payable 1,060,000
An adult may avoid any contract with a minor.
Answer the following statement true (T) or false (F)