Which control is not associated with new systems development activities?
A. reconciling program version numbers
B. program testing
C. user involvement
D. internal audit participation
Answer: A
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National Corporation has excess cash to invest and pays $200,000 to buy 7%, five-year bonds of International Corporation, at face value, on June 30, 2018. The bonds pay interest on June 30 and December 31. At the date of purchase, National intended to hold the bonds to maturity and has the ability to hold the bonds to maturity. The bonds are disposed of on June 30, 2023, the maturity date.
Prepare the journal entry for (omit the explanation) June 30, 2023 (assume that the last interest payment has already been recorded).
Which of the following miscellaneous deductions are subject to the 2% of adjusted gross income limitation for 2018?
A. Safe deposit box fees. B. Investment counsel and advisory fees. C. Unreimbursed employee business expenses. D. None of these.
A stock has a beta of 1.3. The systematic risk of this stock is ____________ the stock market as a whole.
A. higher than B. lower than C. equal to D. indeterminable compared to
ABC Ltd. generated one million Canadian dollars in profits this year. ABC Ltd. decides to place 200,000 Canadian dollars (20 percent of pre-tax profits) in a bonus pool. In previous years, this figure has ranged from zero to 50 percent of pre-tax profits. What type of formula is ABC Ltd. using to determine contributions into the pool?
a. fixed percentage b. fixed threshold c. discretionary d. percentage approach