In the event of liquidation, a(n) _____ has a claim on assets only after the senior debt has been paid off.?
A. ?debenture
B. ?income bond
C. ?indenture
D. ?subordinated debenture
E. ?mortgage bond
Answer: D
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Employees earn $5,000 per day, work five days per week, Monday through Friday, and get paid every Friday. If the previous payday was January 26 and the accounting period ends on January 31, what amount is the ending balance in the wages payable account?
a. $ 9,000 b. $10,000 c. $15,000 d. $25,000
In the revenue cycle, the internal control "limit access" applies to physical assets only
Indicate whether the statement is true or false
With experimental designs, it is possible to control for some of the other causal factors
Indicate whether the statement is true or false
Andrews Corporation purchased 3,00 . gallons of raw materials for $9,200 . The standard price is $3.00 per gallon. If Andrews records the price variance at the earliest possible time, the entry to record the purchase of the material is:
a. Materials 9,200 Material purchase price variance 200 . Accounts payable 9,000 b. Materials 9,000 Accounts payable 9,000 c. Materials 9,000 Material purchase price variance 200 Accounts payable 9,200 d. Materials 9,200 Accounts payable 9,200