When a weighted average cost assumption is applied with a perpetual system, it is sometimes called a __________________
Fill in the blank(s) with correct word
moving average
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The "incontestability clause" found in life insurance policies:
A. allows the insurer to contest its liability on the policy only if the policy has been in force for a specified period of time. B. allows the insurer to object on the basis of absence of insurable interest. C. bars the insurer from objecting on the basis of the purchase of the policy with the intent to murder the insured. D. bars an insured from reinstating a lapsed policy that has not been surrendered for its cash surrender value.
On December 10 of the current year, XTREME Sports Inc receives an advance of $50,000 from a hockey team for 20,000 custom-made shirts with the team's logo, which the team intends to distribute to fans entering a hockey game during the first week in January. XTREME Sports Inc completes the manufacturing of the shirts on December 30, intending to ship them on December 31 before its accounting
period ends. Unfortunately, a snowstorm on December 31 prevented their shipment. XTREME Sports Inc recorded this transaction as a sale for December, and reduced its inventory accordingly. It set the items aside in its shipping room on December 31 with a clear sign to its own personnel conducting a physical inventory on that date and to its auditors who were observing the count that the items were not to be counted as inventory. These actions a. are in accordance with U.S. GAAP. b. are in accordance with IFRS. c. violate ethical principles. d. are in accordance with U.S. GAAP, but not IFRS. e. are in accordance with IFRS, but not U.S. GAAP.
Clayborn Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on May 31, its Cash account shows a debit balance of $24,525. Clayborn's May bank statement shows $21,800 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit$7450?Outstanding checks$6100?Bank service fees, not yet recorded by company$100?A NSF check from a customer, not yet recorded by the company$1275? The adjusted cash balance should be:
A. $15,700 B. $23,150 C. $24,425 D. $29,250 E. $23,175
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