The only time the Petty Cash account is used in a journal entry is when the account is established, increased, or decreased
Indicate whether the statement is true or false
TRUE
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What approaches to logrolling can be particularly helpful in the matters of outcome, probabilities, and timing?
What will be an ideal response?
Why do many managers desire to use a predetermined overhead rate instead of an actual overhead rate?
A) Because it is impossible to ever know actual overhead costs. B) Because predetermined overhead rates are more accurate than actual overhead rates. C) Because actual overhead amounts are often not known in a timely enough manner to make decisions. D) Because the use of predetermined overhead rates will always result in lower product prices.
Pursuant to a public offering, a CPA firm audited the financial statements. After the offering, omissions and misstatements were found. The CPA firm is now being sued by the purchasers of the stock. The purchasers are alleging that the erroneous financial statements in the registration statement caused them to suffer a monetary loss. The CPA firm can avoid liability if it can prove
a. that it used due diligence in auditing the financial statements. b. the corporation was the party who made misstatements and omissions. c. the firm believed that the statements were accurate. d. None of the above will avoid liability.
The Occupational Safety and Health Administration (OSHA) may adjust penalties for violations downward depending on all of the following EXCEPT
A. an employer's good faith. B. an employer's ability to pay. C. an employer's history of previous violations. D. the size of an employer's business.