Subsidiary account receivable ledgers can be any of the following except:
a. kept in alphabetical order by customer name.
b. kept in numerical order by customer number.
c. posted to daily.
d. control accounts.
d
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Which of the following is depicted when the auditor simply considers his or her own incentives, such as audit fees, sampling costs, and penalties?
a. Higher-order reasoning b. Zero-order reasoning c. First-order reasoning d. Deductive reasoning
In the context of workplace safety, risks are defined as the probability of harm, and relative risks would entail comparing the probabilities of harm involved in various activities.
Answer the following statement true (T) or false (F)
The predetermined overhead rate for Foster, Inc., is based on estimated direct labor costs of $400,000 and estimated factory overhead of $500,000. Actual costs incurred were:Direct materials…………………………….. $240,000Direct labor…………………………………..410,000Indirect materials…………………………… 55,000Indirect labor……………………………….. 125,000Sales commissions…………………………. 55,000Factory depreciation………………………… 170,000Property taxes, factory……………………... 15,000Factory utilities…………………………….. 35,000Advertising………………………………..... 62,500Factory equipment rental…………………… 110,000(a) Calculate the predetermined
overhead rate and calculate the overhead applied during the year.(b) Prepare the journal entry to eliminate the over- or underapplied overhead, assuming that it is not material in amount. What will be an ideal response?
A law firm collected $2600 on account for work performed in the previous month. Which of the following general journal entries will the firm make to record this transaction?
A. Debit Accounts Receivable, $2600; credit Legal Fees Revenue, $2600. B. Debit Legal Fees Revenue, $2600; credit Accounts Receivable, $2600. C. Debit Accounts Receivable, $2600; credit Unearned Legal Fees Revenue, $2600. D. Debit Cash, $2600; credit Accounts Receivable, $2600. E. Debit Cash, $2600; credit Unearned Legal Fees Revenue, $2600.