Companies use two methods to account for uncollectible accounts, the direct write-off method and the allowance method.
Answer the following statement true (T) or false (F)
True
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If the sum of the debits and credits in a trial balance is not equal, then
a. there is no concern because the two amounts are not meant to be equal. b. the chart of accounts also does not balance. c. it is safe to proceed with the preparation of financial statements. d. most likely an error was made in posting journal entries to the general ledger or in preparing the trial balance.
When a person has been adjudicated insane, ________.
A. the contract is considered voidable if he or she entered a binding contract during a lucid moment B. the court says that such a person is not liable for any value of necessaries C. most states hold that the contracts of such persons are not voidable D. the court appoints a guardian or conservator for the person's estate
This question has two parts; be sure to answer both. First, what are external stakeholders? Next, imagine you are the manager of an art gallery, Diaspora, whose mission is to show (and sell) art by marginalized populations, such as the homeless or undocumented immigrants. Describe at least three of Diaspora's external stakeholders in the task environment.
What will be an ideal response?
Which of the following characteristics applies to process costing, but does not apply to job order costing?
A) The use of single Work in Process accounts B) The use of equivalent units C) Separate, identifiable jobs D) The use of predetermined overhead rates