The ________ requires the true owner of property to claim it or bring a legal action to recover possession of it within a certain number of years after it has been mislaid.
A. statute of limitations
B. ownership statute
C. estray statute
D. real property statute
Answer: A
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An auditor's analytical procedures performed during the overall review stage indicated that the entity's accounts receivable balance had doubled since the end of the prior year. However, the allowance for doubtful accounts as a percentage of accounts receivable remained about the same. Which of the following explanations most likely would satisfy the auditor?
A. The entity liberalized its credit standards in the current year and sold much more merchandise to customers with poor credit ratings. B. The entity opened a second retail outlet in the current year and its credit sales approximately equaled the older, established outlet. C. A greater percentage of accounts receivable were currently listed in the "more than 90 days overdue" category than in the prior year. D. Twice as many accounts receivable were written off in the prior year than in the current year.
The capital account balances of a partnership are as follows: Trent, $50,000; Langston, $50,000; and Plank, $50,000 . If Felps pays $80,000 in cash to Plank to buy Plank's partnership interest, the entry on the partnership's books as a result of this transaction would include a
a. debit to Plank Capital, $80,000; b. credit to Felps Capital, $80,000; c. debit to Cash, $80,000; d. credit to Felps Capital, $50,000; e. debit to Cash, $50,000
In terms of the communication process, probing serves to stimulate which of the following?
A. Receiving B. Decoding C. Channeling D. Sending E. Feedback
Charlie beat his deadline three times this month. Kara, his supervisor, puts a note in his file so she will remember his efforts during his performance evaluation later this year. Kara’s note represents a ________________.
A. critical incident B. complaint C. formal charge D. promotion E. performance appraisal