An auditor analyzes repairs and maintenance accounts primarily to obtain evidence in support of the audit assertion that all:
A. non-capitalizable expenditures for repairs and maintenance have been recorded in the proper period.
B. non-capitalizable expenditures for repairs and maintenance have been properly charged to expense.
C. expenditures for property and equipment have been recorded in the proper period.
D. expenditures for property and equipment have not been charged to expenses.
Answer: D
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On January 1, Year 1, Stratton Company borrowed $100,000 on a 10-year, 7% installment note payable. The terms of the note require Stratton to pay 10 equal payments of $14,238 each December 31 for 10 years. The required general journal entry to record the first payment on the note on December 31, Year 1 is:
A. Debit Notes Payable $14,238; credit Cash $14,238. B. Debit Notes Payable $10,000; debit Interest Expense $4,238; credit Cash $14,238. C. Debit Interest Expense $7,000; debit Notes Payable $7,238; credit Cash $14,238. D. Debit Notes Payable $7,000; debit Interest Expense $7,238; credit Cash $14,238. E. Debit Notes Payable $10,000; debit Interest Expense $7,000; credit Cash $17,000.
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Indicate whether the statement is true or false
Under process costing, the number of units to account for must always be ________ the number of units accounted for
A) greater than B) lesser than C) equal to D) twice
Suppose a debt collector has been calling and sending notices of a debt you owe. If you wish to end further notification from the debt collector, you must:
a. obtain an injunction against further contact b. pay the debt in full within 30 days c. contact the Federal Trade Commission to request limits to notification d. tells the U.S. Postal Service to put such mail on the "do not deliver" list e. none of the other choices