A transaction trail includes the documents and records that allow an auditor to trace a transaction from its origination through to its final disposition, or vice versa
a. True
b. False
Indicate whether the statement is true or false
True
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Retained earnings consist of a pool of funds to be distributed to stockholders
Indicate whether the statement is true or false
When using management by exception, which of the following variances would not affect the production manager?
A) direct materials efficiency B) variable overhead efficiency C) direct labor cost D) direct labor efficiency
Tanning Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $300,000 and credit sales are $1,000,000. An aging of accounts receivable shows that 5% will be uncollectible. What adjusting entry will Tanning Company make if the Allowance for Bad Debts account has a credit balance of $2,000 before the adjustment?
A) Bad Debts Expense 13,000Allowance for Bad Debts 13,000 B) Bad Debts Expense 15,000Allowance for Bad Debts 15,000 C) Bad Debts Expense 13,000Accounts receivable 13,000 D) Bad Debts Expense 15,000Accounts receivable 15,000
Which of the following is not a reason that attempts to unionize the steel industry in the early 1900s failed?
A. Unions wasted resources fighting over jurisdictional issues. B. There was little union interest in organizing steelworkers. C. Steel companies used aggressive tactics of the open shop movement. D. Individual unions refused to cooperate together to fight the steel companies.