A trial balance can best be explained as a list of:
A. The balance sheet accounts used to show the equality of the accounting equation.
B. The income statement accounts used to calculate net income.
C. Revenue, expense, and dividend accounts used to show the balances of the components of retained earnings.
D. All accounts and their balances at a particular date.
Answer: D
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Bentley Corporation received cash from issuing 17,000 shares of common stock at par on January 1, 2018. The stock has a par value of $0.05 per share. Which is the correct journal entry to record this transaction?
A) Cash is debited for $850, and Common Stock—$0.05 Par Value is credited for $850. B) Cash is credited for $17,000 and Common Stock—$0.05 Par Value is debited for $17,000. C) Paid-In Capital in Excess of Par—Common is debited for $16,150, and Common Stock—$0.05 Par Value is credited for $16,150. D) Cash is debited for $17,000, Common Stock—$0.05 Par Value is credited for $850, and Paid-In Capital in Excess of Par-Common credited for $16,150.
Sprinter Airlines (Sprinter) needs additional aircraft to expand internationally, and it could borrow the needed funds and purchase the aircraft. This arrangement places additional debt on the balance sheet. Instead, Sprinter signs an lease agreement in which it agrees to pay the owner of the aircraft certain amounts each year for 12 years. The aircraft has an estimated service life of 18 years
Sprinter paints its name on the aircraft, uses the aircraft in operations, and makes the required lease payments. Which of the following is/are true? a. Sprinter receives benefits when it uses the aircraft, not when it initially signs the lease. b. Sprinter has future benefits, not past or current benefits. c. Sprinter obtains financing for its flight equipment without showing a liability on the balance sheet. d. Sprinter has entered into an operating lease that is an executory contract. e. all of the above
A ______ is a collective work stoppage by members of a union that is intended to put pressure on an employer.
A. layoff B. whistle-blower C. strike D. paraphrase
Which component of internal control relates to the policies and procedures that management establishes to address the risks that might prevent the organization from achieving its objectives?
A) Control activities B) Monitoring C) Risk assessment D) Information and communication