The control objective associated with selecting a sample of cash receipts remittance lists (or daily cash reports) and tracing them through to the cash receipts journal is ________.
A) completeness
B) authorization
C) validity
D) existence
A) completeness
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A company uses the same depreciation method as other firms in the same industry. Because of this, investors will have enhanced comparability of the financial reporting results
a. True b. False Indicate whether the statement is true or false
Usually use an explanatory title for illustrations
a. true b. false
Perfect Corporation acquired 70 percent of Storm Company's shares on December 31, 20X8, for $140,000. At that date, the fair value of the noncontrolling interest was $60,000. On January 1, 20X0, Perfect acquired an additional 10 percent of Storm's common stock for $32,500. Summarized balance sheets for Storm on the dates indicated are as follows: Dec 31 20X820X920X0Cash$25,000 35,000 50,000 Accounts Receivable 30,000 45,000 80,000 Inventory 45,000 60,000 70,000 Buildings and Equipment (net) 200,000 180,000 160,000 Total Assets$300,000 $320,000 $360,000 Accounts Payable $40,000 35,000 40,000 Notes Payable 60,000 60,000 60,000 Common Stock 100,000 100,000 100,000 Retained Earnings 100,000 125,000 160,000 Total Liabilities
and Equities$300,000 $320,000 $360,000 Storm paid dividends of $10,000 in each of the three years. Perfect uses the fully adjusted equity method in accounting for its investment in Storm and amortizes all differentials over 5 years against the related investment income. All differentials are assigned to patents in the consolidated financial statements.Based on the preceding information, Storm Company's net income for 20X9 and 20X0 are: A. $35,000 and $45,000 respectively. B. $25,000 and $35,000 respectively. C. $25,000 and $45,000 respectively. D. $10,000 and $20,000 respectively.
Decisions related to _____ are considered structured decisions at the operational management level of an organization.
a. book keeping b. payroll c. net loss d. gross income e. inventory