Which of the following statements concerning the objectives of financial reporting is correct?
a. The objectives are intended to be specific in nature.
b. The objectives are directed primarily toward the needs of internal users of accounting information.
c. The objectives were the end result of the FASB's conceptual framework project.
d. The objectives encompass not only financial statement disclosures, but other information as well.
D
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What are the steps in the posting process for the debit side of an entry?
Which of the following items involving current trade accounts receivable is most likely to appear in a statement of cash flows?
a. The balance in the allowance for doubtful accounts b. The change in net sales c. Sales returns and allowances d. Collection of an account previously written off e. None of these answers is correct.
In management's internal control report that is now required of all public companies, which of the following does not have a direct effect on a company's internal control system
A) internal auditors B) independent accountants C) Board of Director's audit committee D) Board of trustees
Roe Corporation owns 2,000 shares of WRJ Corporation stock. WRJ Corporation has 25,000 shares of stock outstanding. WRJ paid $4 per share in cash dividends to its stockholders. Roe's entry to record the receipt of these dividends is:
A. Debit Unrealized Gain-Equity, $8,000; credit Cash, $8,000. B. Debit Cash, $8,000; credit Dividend Revenue, $8,000. C. Debit Cash, $8,000; credit Interest Revenue, $8,000. D. Debt Long-Term Investment, $8,000; credit Cash, $8,000. E. Debit Cash, $8,000; credit Long-Term Investments, $8,000.