The abbreviation "P.A.". in the name "Conrad & Drake, Accountants, P.A.". means that this organization is
a. a private association.
b. a professional association.
c. a public association.
d. a publicly administered corporation.
B
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To determine the source of a company's noncurrent assets, on which financial statement will you look?
a. Income statement only b. Balance sheet only c. Both the balance sheet and the income statement d. Both the income statement and the statement of retained earnings
A company sold 10,000 shares of its own $1 par value common stock for $60,000 . The entry to record the sale would include a
a. debit to treasury stock for $60,000. b. debit to contributed capital for $10,000. c. credit to common stock, $1 par value for $10,000.. d. credit to common stock, $1 par value for $60,000.
The Basketball Division of Thunder Sports Enterprises reported the following financial data for the year: Assets available for use $1,200,000 Book Value $1,500,000 Market Value Residual income $108,000 Return on investment 14% Refer to Thunder Sports Enterprises. If expenses increased by $15,000 in the Basketball Division,
a. return on investment would decrease. b. residual income would increase. c. the target rate of return would decrease. d. asset turnover would decrease.
Misrepresentation of a material fact is an element of fraud
Indicate whether the statement is true or false