All of the following departments have a copy of the purchase order except
a. the purchasing department
b. the receiving department
c. accounts payable
d. general ledger
D
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Alan Company purchased $400,000 of ABC Co 5% bonds at 100 plus accrued interest of $4,500 . Alan later sold $250,000 of bonds at 97 . The journal entry for the purchase would include a
a. credit to Interest Receivable for $4,500 b. credit to Interest Revenue for $4,500 c. debit to Interest Receivable for $4,500 d. debit to Interest Revenue for $4,500
In January 2014, Western Co purchased a patent for $750,000 that had an estimated remaining economic life of ten years. On January 2, 2017, the company incurred $140,000 in legal fees to successfully defend the validity of the patent. In January 2019, the company incurred $88,000 in legal fees in a new infringement lawsuit. In this situation, the lawsuit was lost, and the patent was determined to
be worthless as a result. What is the expense to be recognized in 2019 by Western with regard to the patent? A) $750,000 B) $150,000 C) $475,000 D) $563,000
List three methods used to control the source program library
For a firm considering AIS and IT initiatives, accountants can play an important role in which of the following ways?
A. Implementing the controls in the new technology. B. Entering transactions into the new system. C. Developing and reviewing the business case for the initiatives. D. Auditing the financial statement reports created by the new system.