A customer makes a $2,000 purchase at ApplianceWorld, paying with a credit card. ApplianceWorld is charged a 2% fee by the credit card company. When recording this sale, ApplianceWorld would:
A. Debit Accounts Receivable for $2,000.
B. Credit Sales Revenue for $1,960.
C. Credit Deferred Revenue for $2,000.
D. Credit Sales Revenue for $2,000.
Answer: D
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From the following, identify an item that does NOT go into current net worth calculations?
a. Preliminary expenses b. Prior year's net worth c. Funds from known sources d. Assets
The Ethic of Care is:
a. A set of rules that explain how to prioritize those people affected by a decision so that a utilitarian analysis can be done successfully. b. A set of universal principles, which applied evenly to all decisions will result in fairness and equity in ethical decisions. c. The idea that we should all make decisions under the assumption that we don't know our station in life, that we could be the person most negatively impacted by the decision. d. A set of principles that encourage decision makers to look at human relationships as a primary motivator for a decision.
Your supervisor has told you that he wants to "get rid of Jane." Jane is a Hispanic female co-worker who is very bright and capable and hardworking. Your supervisor has asked you to document everything Jane does and says that will help build a case for termination. You should do as your supervisor tells you
Indicate whether the statement is true or false
Which of the following is NOT an element of the auditor's responsibility of the AICPA's auditor's report?
A. States the auditor's responsibility to express an opinion on the financial statements B. States the audit provides reasonable assurance that the statements are free of material misstatement C. States audit provides reasonable basis for the opinion D. States the audit evaluates the overall financial statement presentation