Walkthroughs and inquiries are often used to obtain an understanding of internal controls

a. True
b. False
Indicate whether the statement is true or false


True

Business

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Analysis reveals that a company had a net increase in cash of $21,980 for the current year. Net cash provided by operating activities was $19,800; net cash used in investing activities was $10,900 and net cash provided by financing activities was $13,080. If the year-end cash balance is $26,700, the beginning cash balance was:

A. $42,960. B. $43,960. C. $17,260. D. $4720. E. $48,680.

Business

Freight-In is treated as a deduction in the cost of goods sold section of the income statement

Indicate whether the statement is true or false

Business

Ted's cooking blog contains a banner ad for Kenstar Appliances. Every time an appliance is purchased at the Kenstar website after the purchaser clicked on Ted's banner, Ted receives a commission for showing the banner. Which of the following is most likely being used?

A. click-through B. keyword purchase C. ad impression method D. affiliate marketing program E. cost per thousand

Business

Robert Inc uses the standard costing method. The company's main product is a fine-quality headphones that normally takes 0.5 hour to produce. Normal annual capacity is 5,000 direct labor hours, and budgeted fixed overhead costs for the year were $8,750. During the year, the company produced and sold 5,800 units. Actual fixed overhead costs were $6,000. Using the information provided for Robert

Inc, compute the fixed overhead volume variance. A) $2,750 (F) B) $925 (U) C) $5,800 (U) D) $3,675 (U)

Business