Why do accountants come under the purview of Section 18(a) of the Securities Exchange Act of 1934?
A) because they often file reports and other documents with the Securities and Exchange Commission (SEC) on behalf of clients
B) because certified public accountants (CPAs) are directly employed by the Securities and Exchange Commission (SEC)
C) because all companies require an accountant's approval before buying securities from the Securities and Exchange Commission (SEC)
D) because securities can only be bought through a certified public accountant (CPA)
A
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In a process cost system, the cost attributable to abnormal losses that occur due to unexpected circumstances such as machine operator error should be assigned to:
a. Ending work in process inventory. b. Cost of goods manufactured and ending work in process inventory in the ratio of units worked on during the period to units remaining in work in process inventory. c. A separate loss account in order to highlight production inefficiencies d. Cost of good manufactured (transferred out)
How should the balances of Progress Billings and Construction in Progress be shown at reporting dates prior to the completion of a long-term contract?
a. Progress Billings as income, Construction in Progress as inventory b. Net, as income from construction if credit balance, and loss from construction if debit balance c. Progress Billings as deferred income, Construction in Progress as a current asset d. Net, as a current asset if debit balance and current liability if credit balance
What is the journal entry used to record factory overhead applied in the amount of $7,200?
a. debit Work in Process $7,200, credit Factory Overhead $7,200 b. debit Wages Payable $7,200, credit Work in Process $7,200 c. debit Work in Process $7,200, credit Wages Payable $7,200 d. debit Materials $7,200, credit Work in Process $7,200
When you exhibit an attitude, you transmit a message that everyone, consciously or unconsciously, interprets
Indicate whether the statement is true or false