A) statement that lists beginning balance, purchases and payments, and an ending balance B) the simple interest rate after including any fees imposed by the creditor C) the percentage of credit that must be paid as interest on an annual basis
7) simple interest
8) percentage rate
9) credit card statement
What will be an ideal response?
Answers: 7) C 8) B 9) A
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Estimated liability for product warranties to be paid in the future is a current liability
a. True b. False Indicate whether the statement is true or false
Arco Corporation declared a cash dividend on June 2 of $6 per common share. The company has 2,000 shares of common stock authorized, 1,000 shares issued, and 200 in the treasury. The entry to record the declaration of the cash dividend increases
a. a liability. b. an asset. c. an expense. d. a stockholders' equity account.
In confirming accounts receivable, an auditor decided to confirm customers' account balances rather than individual invoices. Which of the following most likely would be included with the entity's confirmation letter?
A. A client-prepared letter reminding the customer that a nonresponse will cause a second request to be sent. B. An auditor-prepared letter explaining that a nonresponse may cause an inference that the account balance is correct. C. An auditor-prepared letter requesting the customer to supply missing and incorrect information directly to the auditor. D. A client-prepared statement of account showing the details of the customer's account balance.
______ is a right to give orders, and responsibility is an obligation to answer for those orders.
A. Accountability B. Authority C. Sustainability D. Responsibility