Some contracts must be in writing and signed to be enforceable. Contracts that are covered by the statute of frauds include:
a. contracts for the sale of land
b. promises to pay the debts of another person
c. contracts that cannot be finished within a year d. promises made in consideration of marriage
e. all of the other choices
e
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Which internal control procedure is followed when the work of one department acts as a check on the work of another?
a. Segregation of duties b. Safeguarding assets and records c. Independent verifications d. Proper authorizations
Which of the following events would cause a bank to reduce a depositor's account?
A. The bank corrects an error from previous month by adding $75 to the depositor account. B. There are deposits in transit on the account at month-end. C. The bank collects a note receivable and related interest on the depositor's behalf. D. There are outstanding checks drawn on the account at month-end. E. The depositor orders new checks through the bank at a cost of $50.
The direct method for the preparation of the operating activities section of the statement of cash flows:
A. Reports adjustments to reconcile net income to net cash provided or used by operating activities in the statement. B. Separately lists each major item of operating cash receipts and cash payments. C. Is required if the company is a merchandiser. D. Reports a different amount of cash flows from operations than if the indirect method is used. E. Is required by the FASB.
If a company's current ratio is 2.2 and the current liabilities are $400,000, then the current assets are:
A) $1,280,000. B) $880,000. C) $420,000. D) $181,818.