In the General Fund, revenues are recognized when earned and available.
Answer the following statement true (T) or false (F)
False
The General Fund uses modified accrual accounting. Revenues are recognized when they are both measurable and available to finance expenditures of the current period.
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Which of the following situations represents a serious control weakness?
a. Timekeeping is independent of the payroll department. b. Paychecks are distributed by the employees immediate supervisor. c. Time cards are reconciled with job tickets. d. Personnel is responsible for updating employee records, including creation of records for new hires.
________ is a technique used to overcome the bias of unpublished and recent telephone numbers by selecting all telephone number digits at random
A) Systematic dialing B) Cluster dialing C) Quota dialing D) Random-digit dialing E) Speed dialing
The Taylor Company uses a process costing system. Assume that direct materials are added at the beginning of the period and that direct labor and overhead are added continuously throughout the process. The company uses the FIFO costing method. The following data are available for one of its accounting periods Units Beginning work in process 26,000 (70 percent complete for conversion costs) Units
started 180,000 Units transferred out 191,000 Ending work in process 15,000 (60 percent complete for conversion costs) Assume that you have calculated a direct materials cost per unit of $4 and a conversion cost per unit of $7. Under this assumption, the ending balance for Work in Process Inventory of Taylor Company would be A) $82,000. B) $165,000. C) $99,000. D) $123,000.
An individual who claims a deduction for qualified business income under § 199A:
A. Is more likely to have a penalty imposed for an error on the return than someone who does not claim this deduction. B. Is less likely to have a penalty imposed for an error on the return than someone who does not claim this deduction. C. Is just as likely to have a penalty imposed as any other individual with an error on the return. D. None of these.