CIFiR's (SEC established Advisory Committee on Improvements to Financial Reporting) progress report proposes a framework for accounting judgments consisting of which two components?
A) Calibration and estimation.
B) A critical and good-faith thought process and documentation.
C) Heuristics and accounting risk.
D) Professional accounting judgment and professional auditing judgment.
B) A critical and good-faith thought process and documentation.
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In its first year of business, Borden Corporation had sales of $2,040,000 and cost of goods sold of $1,220,000. Borden expects returns in the following year to equal 7% of sales. The adjusting entry or entries to record the expected sales returns is (are):
A.
| Accounts Receivable | 2,040,000? | |
| Sales | 2,040,000? |
B.
| Sales Returns and Allowances | 142,800? | |
| Sales Refund Payable | 142,800? | |
| Inventory Returns Estimated | 85,400? | |
| Cost of goods sold | 85,400? |
C.
| Sales returns and allowances | 142,800? | |
| Sales | 142,800? | |
| Cost of Goods Sold | 85,400? | |
| Inventory Returns Estimated | 85,400? |
D.
| Sales | 2,040,000? | |
| Sales Refund Payable | 142,800? | |
| Accounts receivable | 1,897,200? |
E.
| Sales Refund Payable | 142,800? | |
| Accounts receivable | 142,800? |
If a process has only natural variations, ________ percent of the time the sample averages will fall inside the ±3-sigma control limits
Fill in the blanks with correct word
A(n) ________ card allows you to pay for a purchase at a later time when the bill arrives
A) credit B) debit C) expense D) ATM
Regression analysis estimates
A. the relationship between inventory and receivables. B. the tendency of firms to retain earnings. C. an equation relating sales and receivables. D. the firm's excess use of debt financing.