Which of the following represents a group composed of key officers of a corporation and outside members responsible for the general oversight of the affairs of the company?
a. Board of Directors
b. Internal Audit Staff
c. External Auditors
d. Audit Committee
a
You might also like to view...
The Myers-Briggs Type Indicator (MBTI) identifies individuals' preferences for source of energy, means of information gathering, way of decision making, and
A. self-assessment. B. value system. C. succession planning. D. goal setting. E. lifestyle.
The marketing database contains the transactions individuals have with a firm and follows accounting rules
Indicate whether the statement is true or false
Which of the following is an advantage of using television as an advertising medium?
A) high attention and reach B) low absolute cost C) absence of clutter D) long duration of ad exposure E) high audience selectivity
On November 12, Higgins, Inc., a U.S. Company, sold merchandise on credit to Kagome of Japan at a price of 1,660,000 yen. The exchange rate was $0.00853 per yen on the date of sale. On December 31, when Higgins prepared its financial statements, the exchange rate was $0.00859. Kagome paid in full on January 12, when the exchange rate was $0.00877. On December 31, Higgins should prepare the following journal entry:
A. Debit Accounts Receivable-Kagome $99.6; credit Foreign Exchange Gain $99.6. B. Debit Foreign Exchange Loss $99.6; Accounts Receivable-Kagome $99.6. C. Debit Sales $99.6; credit Foreign Exchange Gain $99.6. D. Debit Foreign Exchange Loss $99.6; credit Sales $99.6. E. No journal entry is required until the amount is collected.