Answer the following statements true (T) or false (F)
An important role of the AICPA is to curb “shopping for accounting principles.”
ANSWER: T
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The journal entry to issue 1,000,000 shares of $6 par common stock for $8.00 per share on January 2nd would be:
A) Jan 2 Cash 8,000,000Common Stock 6,000,000Paid-In Capital in Excess of Par - C/S 2,000,000 B) Jan 2 Cash 6,000,000Common Stock 6,000,000 C) Jan 2 Cash 6,000,000Paid-In Capital in Excess of Par - C/S 2,000,000Common Stock 8,000,000 D) Jan 2 Cash 1,000,000Common Stock 1,000.000
The Bipartisan Campaign Reform Act of 2002 prohibits which of the following?
A. Corporations contributing funds to referendum campaigns B. Solicitations for soft money accounts by members of Congress C. Giving more than $1,000 for commercials that endorse candidates D. Individuals contributing to federal Political Action Committees (PACs) E. Contributions to local political organizations by labor unions
How do small wholesalers and small producers set prices for their products?
What will be an ideal response?
Which of the following is a right of a limited partner in a limited partnership:
a. the right to see the partnership books b. the right to make hiring decisions c. the right to take an active role in managing the business d. both a and b are rights of a limited partner e. none of the other specific choices are rights of a limited partner