The principal purpose of posting is to
a. enter transactions directly into the ledger.
b. help identify errors made in the journal.
c. obtain updated account balances.
d. help determine if the financial statements are ready to be prepared.
C
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Significant changes in the competitive market and a decrease in the competitiveness of the client's products are potential indicators of going-concern problems
a. True b. False Indicate whether the statement is true or false
A company made an error in calculating and reporting amortization expense in Year 1. The error was discovered in Year 2. The item should be reported as a prior period adjustment:
A. on the Year 1 income statement. B. on the Year 1 statement of retained earnings. C. on the Year 2 income statement. D. accounted for with a cumulative "catch-up" adjustment in Year 2. E. on the Year 2 statement of retained earnings.
Despite ____________ human rights laws in certain countries, corporations have a responsibility to ensure that their labor practices abroad reflect __________ ethics as practiced in their home countries.
a. multiple; key b. strict; deep level c. weak; managers’ d. lax; corporate
The student body of a large university consists of 60% female students. A random sample of 8 students is selected. What is the probability that among the students in the sample at least 6 are male?
a. 0.0413 b. 0.0079 c. 0.0007 d. 0.0499