Which of the following statements regarding a 52-53 week tax year is correct?
A. The year-end must be the same day of the week in all years.
B. The year cannot contain more than 366 calendar days.
C. Every four years, there will be only 51 weeks.
D. The year cannot end on a Sunday.
E. None of these.
Answer: A
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Pickrel Corporation is an oil well service company that measures its output by the number of wells serviced. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes. Fixed Element per MonthVariable Element per Well ServicedRevenue $5,500Employee salaries and wages$53,700 $1,300Servicing materials $600Other expenses$34,400 ?When the company prepared its planning budget at the beginning of November, it assumed that 27 wells would have been serviced. However, 31 wells were actually serviced during November.?The amount shown for net operating income in the planning budget for November would have been closest to:
A. $22,645 B. $26,000 C. $23,500 D. $9,100
Which of the following equations represents the present value (PV) of a discounted future amount (FA) at a discount rate (i) for multiple periods (n)?
a. b. c. d.
Which statement is correct concerning an auditor's statutory legal liability?
A. The Securities Act of 1933 broadened the auditor's common law liability and the Securities Exchange Act of 1934 narrowed it. B. The auditor has a greater burden of defense under the Securities Act of 1933 than under the Securities Exchange Act of 1934. C. Criminal liability only arises under state law. D. Statutory liability usually modifies the auditor's liability to the client.