Which one of the following equations represents the statement of retained earnings activity?
A) Beginning retained earnings + net income + dividends = ending retained earnings
B) Beginning retained earnings + cash inflows - cash outflows = ending retained earnings
C) Beginning retained earnings + dividends - net income = ending retained earnings
D) Beginning retained earnings + net income - dividends = ending retained earnings
D
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When the prospective client has previously been audited, auditing standards require that the successor auditor make certain inquiries of the predecessor auditor before accepting the engagement.
Answer the following statement true (T) or false (F)
The balance in a deferred revenue account represents an amount that is Earned Collected
a. Yes Yes b. Yes No c. No Yes d. No No
While useful, giving and receiving feedback is not a productive part of communication
a. True b. False
Which of the following descriptions would not be found on an income statement prepared using variable costing?
A) Sales B) Fixed costs C) Cost of goods sold D) Net operating income