To create goal congruence, some firms prefer calculating ROI based on the gross book value of asset
Indicate whether the statement is true or false
TRUE
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The report of a CPA on a review of the financial statements of a nonpublic entity should not include a statement that:
A. a review consists principally of inquiries of company personnel and analytical procedures applied to financial data. B. management is responsible for the preparation and fair presentation of the financials in accordance with GAAP. C. the CPA is not aware of any material modifications that should be made to the financial statements in order for them to be in conformity with generally accepted accounting principles. D. the review was performed in accordance with generally accepted auditing standards.
Objectives of the Fixed Asset System do not include
a. authorizing the acquisition of fixed assets b. recording depreciation expense c. computing gain and/or loss on disposal of fixed assets d. maintaining a record of the fair market value of all fixed assets
Tessa has planned a five-day trip to Miami with her husband. Before leaving, one of Tessa's partners asks her to take a morning meeting with a client while she is there. Tessa can now deduct the cost of the airfare for the trip.
Answer the following statement true (T) or false (F)
The post reference columns are used to trace transactions from the journal to the accounts. What will be posted on the post reference column of (a) the journal and (b) on the account?
A) (a) the amount of the debit or credit (b) the journal page number B) (a) the journal page number (b) the date of the transaction C) (a) the journal page number, (b) the account number D) (a) the account number, (b) the journal page number