What is an entity that does not require a relationship to another entity for identification?
a. alternative entity
b. foreign entity
c. independent entity
d. single entity
c. independent entity
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Which of the following statements about accounting systems is incorrect?
a. An effective accounting system provides an audit trail that allows frauds to be discovered. b. An effective accounting system makes concealment difficult. c. An effective accounting system can effectively prevent "kickbacks." d. Without a good accounting system, it is often difficult to distinguish between actual fraud and unintentional error.
A corporation earns $500,000 of current E&P and has an accumulated deficit of $300,000. The corporation pays a $350,000 distribution to its shareholders this year. $200,000 of the distribution will be taxed as a dividend.
Answer the following statement true (T) or false (F)
__________ tariffs require the importer to pay a percentage of the value of the imported merchandise
a. Ad valorem b. Ad hoc c. Harmonized d. Customs valuation
Caldon Products started and finished job no. C19 during June. The job required $15,000 of direct material and 75 hours of direct labor at $12 per hour. The predetermined overhead rate is $16 per direct labor hour.During June, direct materials requisitions for all jobs totaled $149,000; the total direct labor hours and cost were 6,200 hours at $12 per hour; and the total cost of jobs completed was $337,500. All of these figures include data that pertain to job no. C19.Required: A. Prepare journal entries that summarize June's total activity.B. Determine the cost of job no. C19.
What will be an ideal response?