Minutes of a meeting should include names of the presiding officer and members present and absent
Indicate whether the statement is true or false
T
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Which of the following securities has the highest yield to maturity?
A. An on-the-run Treasury bond with ten years to maturity B. An on-the-run Treasury bond with twenty years to maturity C. An off-the-run Treasury bond with twenty-four years to maturity? D. An off-the-run Treasury bond with twelve years to maturity
Assume that an auditor notes a large series of checks that does not clear the bank for an unusually long time after period end. Which of the following would the auditor likely suspect from this observation?
a. Vendors are eager to get their payments. b. The reconciliation is accurate. c. Cash does not exist. d. The presence of held-checks at period-end.
Undercover operations are costly and time-consuming and should be used with extreme care. In which of the following situations would it be ineffective to conduct an undercover operation?
a. When law enforcement authorities are informed b. When the investigation can be closely monitored c. When other investigation methods are available d. When the investigation can remain secretive
Sunfish Construction Company uses the percentage-of-completion method of accounting. In 2014, Sunfish began work on a project which had a contract price of $1,600,000 and estimated costs of $1,200,000 . Additional information is as follows: 2014 2015 Costs incurred during the year ............ $240,000 $1,060,000 Estimated costs to complete, as of 12/31/14 ................................ 960,000
Billings during the year .................. 290,000 1,310,000 Collections during the year ............... 250,000 1,200,000 The amount of gross profit Sunfish should recognize on this contract during 2014 is a. $40,000. b. $80,000. c. $100,000. d. $200,000.