Which one of the following would not be included in a closing entry?
A. A credit to Rent Expense
B. A debit to Service Revenue
C. A debit to Unearned Revenue
D. A credit to Dividends
Answer: C
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Which of the following statements is correct in describing manufacturing overhead?
A. Manufacturing overhead is a period cost. B. Manufacturing overhead when combined with direct materials cost forms conversion cost. C. Manufacturing overhead consists of all manufacturing cost except for prime cost. D. Manufacturing overhead when combined with direct labor cost forms prime cost.
Why are water terminals provided by the public and operated by local government agencies?
Jay and Co., CPAs, audited the financial statements of Maco Corp. Jay intentionally gave an unqualified opinion on the financial statements even though material misstatements were discovered as a result of the audit. The financial statements and Jay's unqualified opinion were included in a 10-K (annual report filed with the SEC) for the company. Which of the following statements is correct regarding Jay's liability to a purchaser of the offering under Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934?
A. Jay will be liable if the purchaser relied on Jay's unqualified opinion on the financial statements. B. Jay will be liable if Jay was negligent in conducting the audit. C. Jay will not be liable if the purchaser's loss was under $500. D. Jay will not be liable if the misstatement resulted from an omission of a material fact by Jay.
Which of the following is true with respect to the international and domestic practices of settling trade transactions?
A. In an international transaction, a formal promise to pay is required before the buyer can obtain the merchandise. B. In an international transaction, the seller usually ships merchandise on an open account. C. In a domestic transaction, a draft is used to settle trade transactions. D. In an international transaction, the exporter sends a commercial invoice that specifies the amount due and the terms of payment to the importer. E. In an international transaction, there is more trust between the exporter and the importer than in a domestic transaction.