Which of the following is not true regarding a savings account?
A) It does not provide checking services.
B) It is less liquid than a checking account.
C) It pays lower interest than a checking account.
D) It is less convenient than a checking account.
Answer: C
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In preparing the statement of cash flows, determining the net increase or decrease to cash requires the use of
A) the adjusted trial balance. B) the current period's retained earnings statement. C) a comparative balance sheet. D) a comparative income statement.
Burt, a mentally impaired person, is asked by Carl to sign a piece of paper that Carl says is an autograph book. In fact, the document is a note. If later sued on the note by an HDC
A. Burt must pay the note. B. Burt's best defense would be fraud in the execution. C. Burt's best defense would be fraud in the inducement. D. Burt's best defense would be mistake.
Compute the amount of raw materials used during November if $30,000 of raw materials were purchased during the month and if the inventories were as follows: InventoriesBalanceNovember 1BalanceNovember 30Raw materials$7,000 $4,000 Work in process$6,000 $7,500 Finished goods$10,000 $12,000
A. $27,000 B. $33,000 C. $29,500 D. $31,500
The audit committee of an entity subject to SEC regulation will do all of the following except:
A. Be responsible for agreeing to fee compensation of the independent audit firm. B. Serve as liaison between the board of directors and the independent audit firm. C. Certify the annual financial statements. D. Approve non-audit services provided by the independent audit firm. E. Be comprised only of individuals who are not members of management.