If bonds of $1,000,000 with unamortized discount of $10,000 are redeemed at 98, the gain on redemption of bonds is $10,000
Indicate whether the statement is true or false
True
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As we move toward an enterprise system environment, the chart of accounts becomes increasingly more important
Indicate whether the statement is true or false
Which of the following is the correct formula for measuring an efficiency variance?
A) Efficiency Variance = (Actual Quantity + Standard Quantity) - Standard Cost B) Efficiency Variance = (Actual Quantity × Standard Quantity) / Standard Cost C) Efficiency Variance = (Actual Quantity / Standard Quantity) × Standard Cost D) Efficiency Variance = (Actual Quantity - Standard Quantity) × Standard Cost
When used appropriately, which power can motivate, but if used unethically or distributed based on favoritism, can lead to demoralization and apathy?
A. referent power B. expert power C. reward power D. legitimate power
You are the auditor of Browning, Inc, a manufacturer of plastic products. In reviewing the balance sheet of the company, you notice several receivables from the officers of the company. You report your findings to the president of the company and inform
him that these receivables will be considered related party transactions for purposes of financial accounting and reporting. The president seems somewhat annoyed by your comments and asks you to explain what you mean by "related party" transactions and how the financial statements will be affected by these transactions. Prepare a brief response to the president's question.