A company made an error in recording the Year 1 purchase of computer equipment as an expense. This was discovered in Year 2. The item should be reported as a prior period adjustment on the Year 2 income statement.
Answer the following statement true (T) or false (F)
False
You might also like to view...
Which of the following is an appropriate internal control activity for cash?
a. The amount of cash on hand should be kept to a maximum. b. All payments should be made with currency, not checks. c. Banking facilities should be used as little as possible. d. Recordkeeping and custodianship over cash should be performed by separate individuals.
Audrey is an internal customer at her company because she
A) purchases company products for her own use. B) uses the output from the information technology group. C) recommends that friends and family members purchase from the company. D) purchases company products in the store rather than online.
According to the SEC, a hyperlink embedded within a prospectus causes the hyperlinked information to be treated as part of the prospectus
a. True b. False Indicate whether the statement is true or false
In the federal courts the right to a jury trial is guaranteed:
a. in all cases b. only in criminal cases, not in civil cases c. only in civil cases, not in criminal cases d. in common law cases in which over $20 is in dispute e. in no cases; juries are only used in state courts