Which of the following techniques is most useful for a special order decision?
a. Payback method
b. Present value method
c. Accounting rate-of-return method
d. Incremental analysis
D
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Banks are very hesitant to engage in fronting loans because of the low probability of repayment and thus their risk exposure up to a 100% loss
Indicate whether the statement is true or false.
An auditor suspects its client is committing illegal acts that will have a material impact on its financial statements. What is the auditor legally required to do and under what circumstances would the auditor directly notify the SEC?
What will be an ideal response?
1/15 net 30 date of invoice translates as ________.
A) a 1 percent cash discount may be taken if paid in 15 days; if no cash discount is taken, the balance is due in 30 days after the middle of the month B) a 1 percent cash discount may be taken if paid in 15 days; if no cash discount is taken, the balance is due 30 days after the invoice date C) a 1 percent cash discount may be taken if paid in 15 days; if no cash discount is taken, the balance is due 30 days after the end of the month D) a 1 percent discount may be taken on 15 percent of the purchase if the account is paid within 30 days after the end of the month
An important reconciliation in the payroll system is
A. general ledger compares the labor distribution summary from cost accounting to the disbursement voucher from accounts payable B. personnel compare the number of employees authorized to receive a paycheck to the number of paychecks prepared C. production compares the number of hours reported on job tickets to the number of hours reported on time cards D. payroll compares the labor distribution summary to the hours reported on time cards