Are the actions undertaken by the companies or individuals in the following scenarios legal or illegal pursuant to U.S. law? Please explain each of your answers. Scenario A $100,000 wire transfer made by Automobile Repair Parts, Inc, a California
corporation, to the director of contracting of Yoshiba International, a Japanese corporation, for the purpose of obtaining a supply contract from Yoshiba.
Legal. The Foreign Corrupt Practices Act only applies to bribes paid to foreign government officials.
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Uniform Supply accepted a $4,800, 90-day, 10% note from Tracy Janitorial on October 17. If the note is dishonored, but Uniform Supply intends to continue collection efforts, what entry should Uniform Supply make on January 15 of the next year? (Assume no reversing entries are made.) (Use 360 days a year.)
A. Debit Cash $4,920; credit Notes Receivable $4,920. B. Debit Cash $4,920; credit Interest Revenue $100; credit Interest Receivable $20, credit Notes Receivable $4,800. C. Debit Notes Receivable $4,800; debit Interest Receivable $120; credit Sales $4,920. D. Debit Accounts Receivable $4,920; credit Interest Revenue $20; credit Interest Receivable $100, credit Notes Receivable $4,800. E. Debit Cash $4,920; credit Interest Revenue $20; credit Interest Receivable $100, credit Notes Receivable $4,800.
An agreement exists when one party offers a certain bargain to another party.
Answer the following statement true (T) or false (F)
Which of the following is the principle reason for preparing managerial accounting reports?
A) Usefulness to management B) Cost of preparation C) Clarity D) GAAP
The assumptions of multiple regression include all of the following except:
a. The independent variable must be a valid predictor of the dependent variable. b. Mixed costs cannot be separated into fixed and variable components. c. The circumstances of the regression model remain constant. d. Regression analysis must be used within a relevant range of activity.