"BRIC" is an acronym for ________
A) Brazil, Russia, India, and China
B) Bolivia, Russia, Indonesia, and China
C) Brazil, Russia, Indonesia, and China
D) Bolivia, Russia, India, and Canada
E) Bolivia, Russia, Indonesia, and Canada
A
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Surplus Mining Company has leased a machine from Craft Machinery Company. The annual payments are $6,000 and the life of the lease is 8 years. It is estimated that the useful life of the machine is 9 years. How would Surplus Mining record the acquisition of the machine?
a. The machine would be recorded as an asset with a cost of $48,000. b. The company would not record the machine as an asset but would record rent expense of $6,000 per year. c. The machine would be recorded as an asset, at the present value of the annual cash payments, $6,000 for 8 years. d. The machine would be recorded as an asset, at the present value of the annual cash payments, $6,000 for 9 years.
The supervisor should ask a complex and sensitive survey question when validating an interview with a respondent
Indicate whether the statement is true or false
The auditor will modify the audit report on ICFR effectiveness when management's annual certification pursuant to Section 302 of the Sarbanes-Oxley Act is misstated
a. True b. False Indicate whether the statement is true or false
Which of the following should be reported as a change in accounting estimate?
a. Change in the reported beginning inventory amount due to a discovery of a bookkeeping error b. Change from the completed-contract method to the percentage-of- completion method for revenue recognition on long-term construction contracts c. Increase in the rate applied to net credit sales from 1 percent to 1-1/2 percent in determining losses from uncollectible receivables d. Change made to comply with a new FASB pronouncement