Which of the following should be considered when designing a coding scheme for a chart of accounts?
a. Which internal reports will be required?
b. Is there a need for segmental reporting?
c. Both a. and b.
d. Neither a. nor b.
C
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In which business sector are cooperatives still? important?
A) Manufacturing
B) Automotive
C) Public utilities
D) Agriculture
E) Health care
Your client left the cash receipts journal open after year-end for an extra day and included January 1 cash receipts in the 12/31/XX totals. All of those cash receipts were due to cash sales. Assuming the client uses a periodic inventory system with a 12/31/XX count of the physical inventory, which of the following is most likely to be true relating to the year XX financial statements?
A. Sales are understated. B. Inventory is overstated. C. Accounts receivable are understated. D. Net income is overstated.
Which of the following statements is true of accountants?
A) Accountants cannot be hired to perform nonaudit services. B) Accountants cannot be held liable by provisions of common law. C) Accountants can be held liable to clients but not to third parties. D) Accountants who lack certified public accountant (CPA) certification are called public accountants.
Which sentence uses correct capitalization?
A) For emergencies I keep Q-tip Swabs and Ace Bandages in my glove compartment. B) For emergencies I keep q-tip swabs and ace bandages in my glove compartment. C) For emergencies I keep Q-tip swabs and Ace bandages in my glove compartment.