Which of the following statements about the accounting standards used in other countries is correct?
A. U.S. GAAP is used worldwide.
B. There are no plans to converge U.S. GAAP with IFRS.
C. More and more countries are using IFRS.
D. IFRS are used by all countries.
Answer: C
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Pierce Corp identified the following data in preparing a bank reconciliation on October 31, 2014. Bank statement balance $29,600 Pierce's book balance (before adjustments) ? Outstanding checks 3,100 NSF checks 300 Service charges 200 Deposits in transit 2,200 Interest earned on checking account 100 How much is Pierce's adjusted cash balance on October 31, 2014?
a. $28,700 b. $29,100 c. $28,300 d. $29,600
If bonds are issued at 101.25, this means that
a. a $1,000 bond sold for $101.25. b. the bonds sold at a discount. c. a $1,000 bond sold for $1,012.50. d. the bond rate of interest is 10.13% of the market rate of interest.
If a person dies intestate, his property will be:
a. given to his beneficiaries. b. passed to his children. c. kept by the state. d. distributed as prescribed by the state.
The Hawthorne studies were conducted at:
a. Bethlehem Steel b. Midvale Steel Company c. IBM d. Western Electric Company e. United States Steel