Which of the following statements about the accrual method of accounting is false?
A. Corporations with more than $5 million average annual gross receipts are required to use the accrual method to compute taxable income.
B. The accrual method of accounting under GAAP and the accrual method of accounting for computing taxable income are identical.
C. The accrual method is the required method of accounting under GAAP.
D. Every publicly held corporation must use the accrual method of accounting to prepare financial statements.
Answer: B
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______________________________ reflect(s) the start and stop times on specific jobs to allow the distribution of payroll costs to jobs in process (or to other accounts)
Fill in the blank(s) with correct word
An additional partner review of the audit and its findings is typically performed by an experienced member of the firm. Which of the following individuals is most qualified to perform this concurring partner review?
a. The engagement partner who has worked on the client for three years. b. An employee of the enforcement division of the SEC. c. An experienced partner of the firm who did not actively participate on the audit. d. A partner of another firm or office who knows the client well and who was a vital member of the audit team.
Which act requires employers with federal contracts over $2500 to take affirmative action for the employment of disabled persons? It requires an employer take steps to accommodaqte a disabled worker unless that causes undue hardship
A. Vocational Rehabilitation Act of 1973 B. pregnancy discrimination act C. Equal Pay Act D. Title VII of Civil Rights Act 1964
On January 1, Year 1, Jones Company issued bonds with a $110,000 face value, a stated rate of interest of 8.0%, and a 5-year term to maturity. The bonds were issued at 98. Interest is payable in cash on December 31st of each year. The company amortizes bond discounts and premiums using the straight-line method.What is the amount of interest expense shown on Jones' income statement for the year ending December 31, Year 1?
A. $9240 B. $9680 C. $8360 D. $8800