Which of the following accounts would appear on the inventory purchases budget and pro forma balance sheet?
A. Accounts payable
B. Sales revenue
C. Cost of goods sold
D. Accounts receivable
Answer: A
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The Ultramares v. Touche case established that auditors could be held liable to a known third party for ordinary negligence.
Answer the following statement true (T) or false (F)
Everett is an accountant whose clients include Finance & Capital, Inc Under the Ultramares rule, if Everett is negligent in his work for Finance & Capital, he could be liable to Finance & Capital and
a. any third party. b. no third party. c. third parties who are foreseen users of the work. d. third parties who are reasonably foresee¬able users of the work.
A business firm notifies all its employees about a general meeting that is to be held the next day and asks them to confirm their attendance at the meeting by clicking on the link provided within the same email message. The firm sends the email through its private network that is accessible only to the management and the employees of the firm. Which of the following information networks is used by the firm to notify its employees?
A. A metropolitan area network B. An extranet C. An intranet D. A peer-to-peer network
Wilson Company has $100,000 in an investment paying 6% per annum. Each year Wilson incurs $1,200 of expenses related to this investment. Compute Wilson's annual net cash flow from this investment assuming the following.A. Wilson's marginal tax rate is 10% and the annual expense is not deductible. B. Wilson's marginal tax rate is 35% and the annual expense is deductible. C. Wilson's marginal tax rate is 25% and one-half of the annual expense is deductible.
What will be an ideal response?