If the completed-contract method is used, what is the basis for determining the income to be recognized in the second year of a three-year contract?
a. Cumulative actual costs incurred only
b. Incremental cost for the second year only
c. Latest available estimated costs
d. No income would be recognized in year 2
D
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Which of the following statements about accounting systems is incorrect?
a. An effective accounting system provides an audit trail that allows frauds to be discovered. b. An effective accounting system makes concealment difficult. c. An effective accounting system can effectively prevent "kickbacks." d. Without a good accounting system, it is often difficult to distinguish between actual fraud and unintentional error.
There are no budgeted capital expenditures or financing transactions during the quarter. Based on the above data, calculate the projected cash balance at the end of May.
Verle, Inc. has a cash balance of $20,000 on April 1. The company is now preparing the cash budget
for the second quarter. Budgeted cash collections and payments are as follows:
A) $22,000
B) $53,400
C) $48,400
D) $43,800
The process of finding facts of a case relevant to the litigation is the process of ___________.
Fill in the blank(s) with the appropriate word(s).
An appellate court ________
A) is usually composed of a grand jury B) can reverse a decision only if the judges are unanimous in their decision C) records the majority opinion, which is used by judges to make future decisions D) cannot accept cases where a prejudicial error has occurred during the trial