To whom does an accountant have potential liability?
a. To his client only.
b. To an intended third party beneficiary.
c. To a foreseen user of the accountant's work.
d. All of these.
d
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The journal entry a company uses to record fully funded pension rights for its salaried employees at the end of the year is
A) debit Salary Expense; credit Cash B) debit Pension Expense; credit Unfunded Pension Liability C) debit Pension Expense; credit Unfunded Pension Liability and Cash D) debit Pension Expense; credit Cash
The following information relates to Dane Corporation: Inventory conversion period 55.8 days Days sales outstanding 23.9 days Days payables outstanding 32.5 days Which of the following is the cash conversion cycle of the company?
A. -0.6 days B. 112.2 days C. 79.7 days D. 64.4 days E. 47.2 days
A letter of credit must be in writing and signed by the issuer
Indicate whether the statement is true or false