Which of the following statements is incorrect?
A. An unadjusted trial balance shows the account balances after they have been revised to reflect the effects of end-of-period adjustments.
B. Interim financial reports can be based on one-month or three-month accounting periods.
C. Property, plant, and equipment are referred to as plant assets.
D. The fiscal year is any 12 consecutive months (or 52 weeks) used by a business as its annual accounting period.
E. An income statement reports revenues earned less expenses incurred.
Answer: A
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Kevin, an employee of Sunbeam, Inc, has gross salary for May of $7,000
The entire amount is under the OASDI limit of $117,000 and thus subject to FICA. He is also subject to federal income tax at a rate of 20%. Which of the following is a part of the journal entry to record the disbursement of his net pay? (Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.) A) debit to Cash for $5,064.50 B) credit to Cash for $5,064.50 C) debit to Employee Income Tax Payable of $5,064.50 D) debit to FICA Tax Payable of $5,064.50
The cost reconciliation report has two sections: "Costs to be accounted for" followed by "Costs accounted for". The "Costs accounted for" portion of the cost reconciliation report includes the cost of beginning work in process inventory and the cost of units transferred out.
Answer the following statement true (T) or false (F)
The UCC's remedies for breaches of contract for the sale of goods are intended to:
a. place the breaching party in the same position as if the contract had been performed according to its terms b. place the nonbreaching party in the same position as if the contract had been performed according to itsterms c. place both parties in the same position as if the contract had been performed according to its terms d. improve the position of the nonbreaching party beyond what it would have been if the contract had been performed according to its terms e. degrade the position of the breaching party
A list of the sampling units for a study is called a _____
a. frame b. cluster c. stratum d. population