If a company uses a special payroll bank account:
A. There is no need to issue W-2's.
B. The company does not need to issue paychecks.
C. There is no need for a payroll register.
D. The company draws one check for the entire payroll on the regular bank account and deposits it in the payroll bank account.
E. The company must use a federal depository bank for the payroll bank account.
Answer: D
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Changes in accounting principles generally are reported as
a. adjustments to current and/or prior period statements. b. extraordinary items. c. adjustments to current period statements only. d. adjustments to prior period statements.
Wren Pork Company uses the value basis of allocating joint costs in its production of pork products. Relevant information for the current period follows:Product Pounds Price/lb.Loin chops 3,000 $5.00 Ground 10,000 2.00 Ribs 4,000 4.75 Bacon 6,000 3.50 The total joint cost for the current period was $43,000. How much of this cost should Wren Pork allocate to Loin chops?
A. $10,750. B. $8,600. C. $43,000. D. $0. E. $5,909.
Describe the European Union Emissions Trading System to combat climate change
What will be an ideal response?
The statement of stockholder's equity differs from the statement of retained earnings in that the statement of stockholders' equity:
A. contains the changes in contributed capital. B. contains net income. C. contains a liability section. D. shows the effect of dividends declared.