Adam wants to buy a six-passenger car. The salesman tells him that the two-seat sports car Adam sees on the car lot would be just perfect for six people. Adam test drives the car and then buys it
a. Adam has a valid cause of action for fraud.
b. Adam is not entitled to relief based on fraud because he was not justified in relying upon the salesman's representation that the car would seat six people.
c. The element of scienter is missing in this fact situation.
d. The salesman is in a confidential relationship with Adam.
b
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The Retained earnings account has a credit balance of $37,000 before closing entries are made. If total revenues for the period are $55,200, total expenses are $39,800, and dividends are $9,000, what is the ending balance in the Retained earnings account after all closing entries are made?
A. $43,400. B. $37,000. C. $35,400. D. $28,000. E. $52,400.
A major advantage of an S corporation is the ability to specially allocate losses to specific members of the company.
Answer the following statement true (T) or false (F)
Internal auditors are private accountants responsible for verifying another company's internal accounting procedures
a. True b. False Indicate whether the statement is true or false
In a short essay, discuss gap analysis
What will be an ideal response?