Letters of credit may be either revocable or irrevocable
a. True
b. False
Indicate whether the statement is true or false
True
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The correct order of the six elements of the fraud fighting model is:
a. Tone at the Top; Education and Training; Proactive Detection; Integrity Risk and Controls; Reporting and Monitoring; Investigation and Follow-up. b. Tone at the Top; Education and Training; Integrity Risk and Controls; Reporting and Monitoring; Proactive Detection; Investigation and Follow-up. c. Education and Training; Integrity Risk and Controls; Reporting and Monitoring; Proactive Detection; Investigation and Follow-up; Tone at the Top. d. Education and Training; Tone at the Top; Integrity Risk and Controls; Reporting and Monitoring; Proactive Detection; Investigation and Follow-up.
On September 1, Kennedy Company loaned $115,000, at 12% annual interest, to a customer. Interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31, the calendar year-end?
A. Debit Interest Expense, $13,800; credit Interest Payable, $13,800 B. Debit Cash, $4600; credit Interest Revenue, $4600. C. Debit Interest Expense, $4600; credit Interest Payable, $4600 D. Debit Interest Receivable, $13,800; credit Cash, $13,800 E. Debit Interest Receivable, 4600; credit Interest Revenue, $4600.
A company sold a machine that originally cost $90,000 for $28,000 cash. The accumulated depreciation on this machine was $47,000 at the time of the sale. What was the company's gain or loss on this sale?
What will be an ideal response?
Jane, Kelly, and Lois are partners in an accounting firm in a state that has adopted the RUPA. Jane intends to retire and withdraw from the partnership at the end of the year. Jane is liable to the firm's creditors:
a. for a partnership obligation incurred within two years after dissociation if the partnership did not dissolve and if at the time of entering into the transaction the other party reasonably believed Jane was then a partner. b. only for all debts incurred prior to her retirement. c. until the day of her retirement when she will be absolved of all liability. d. for an amount not to exceed her partnership interest on the day of her retirement. e. for an amount not to exceed her initial capital contribution to the partnership.