When a surety pays a claim that it is obligated to pay, the surety is exonerated, and automatically acquires the claim and the rights of the creditor
Indicate whether the statement is true or false
False
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In an electronic data interchange environment, the audit trail
a. is a printout of all incoming and outgoing transactions b. is an electronic log of all transactions received, translated, and processed by the system c. is a computer resource authority table d. consists of pointers and indexes within the database
Which of the following is a reason for allocating service department costs and thereby motivating management?
a. provides for cost recovery b. provides relevant information in determining corporate-wide profits generated by alternative actions c. meets regulations in some pricing instances d. reflects usage of services on a fair and equitable basis
A corporation had the following stock outstanding when the company's board of directors declared a $75,000 cash dividend in the current year:Preferred stock, $40 par, 6%, 12,500 shares issued$ 500,000Common stock, $10 par, 70,000 shares issued ……………. 700,000Total ………………………………………………………..$1,200,000Allocate the cash dividend between the preferred and common stockholders assuming the preferred stock is noncumulative and nonparticipating.
What will be an ideal response?
Which of the following is NOT true of a process chart?
a. It shows inputs and outputs in a process. b. It shows decision points such as approvals and exceptions. c. It shows any cross-functional relationships. d. It shows costs and points of indifference.