When should Fassino's recognize revenue from selling the paper towels?
a. Fassino's will recognize $10.99 in revenue at the time it pays the paper towel vendor the wholesale price of the paper towels.
b. Fassino's will recognize $10.99 in revenue at the end of the month of sale.
c. Fassino's will recognize $10.99 in revenue at the end of the quarter of sale.
d. Fassino's will recognize $10.99 in revenue at the time of sale.
e. Fassino's will recognize $10.99 in revenue at the end of the year of sale.
D
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In order for an external auditor to complete an audit of a public company, the entity's management must comply with all of the following except:
A. support its evaluation with sufficient evidence, including documentation. B. present an oral assessment of the effectiveness of the entity's internal control over financial reporting as of the end of the entity's most recent fiscal year. C. accept responsibility for the effectiveness of the entity's internal control over financial reporting. D. evaluate the effectiveness of the entity's internal control over financial reporting using suitable control criteria.
Five skid steers costing $20,000 each were purchased by the Biggs Excavating Company at the beginning of 2016. Biggs capitalized the skid steers in a single asset account and depreciates them using the group method. Each skid steer was expected to have a residual value of $6,000 in four years. At the end of 2019, Biggs sold one skid steer for $8,000. For what amount is accumulated depreciation
debited in the journal entry to record the disposal of that skid steer? A) $14,000 B) $12,000 C) $10,500 D) $20,000
Accountants focus on the needs for financial information by both internal and external decision makers
Indicate whether the statement is true or false
Transfer pricing is primarily incurred in
a. foreign corporations exporting their products. b. decentralized organizations. c. multinational corporations headquartered in the U.S. d. closely held corporations.