Joshua Scott invests $65,000 into his new business. How would the journal entry for this transaction be entered in the journal?
A) Cash 65,000Joshua Scott, Capital 65,000Invested cash in business
B) Cash 65,000Joshua Scott, Capital 65,000Invested cash in business
C) Joshua Scott, Capital 65,000Cash 65,000Invested cash in business
D) Joshua Scott, Capital 65,000Cash 65,000Invested cash in business
A
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When a company discards machinery that is fully depreciated, this transaction would be recorded with the followingentry
a. debit Accumulated Depreciation; credit Machinery b. debit Machinery; credit Accumulated Depreciation c. debit Depreciation Expense; credit Accumulated Depreciation d. debit Cash; credit Accumulated Depreciation
During the initial planning phase of an audit, a CPA most likely would:
A. discuss the timing of the audit procedures with the client's management. B. inquire of the client's attorney as to any unrecorded claims. C. identify specific internal control activities that are likely to prevent fraud. D. evaluate the reasonableness of the client's accounting estimates.
Detection risk is controllable by the client
a. True b. False Indicate whether the statement is true or false
Which Act governs the information maintained by credit-reporting agencies?
a. the Sarbanes-Oxley Act of 2002 b. the Gramm-Leach-Bliley Act of 1999 c. the Fair and Accurate Credit Transactions Act of 2003 d. the Fair Credit Reporting Act of 1971