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ACCOUNTING MISC unit-1. Questions with 100% Correct Answers | Verified | Latest Update 2024

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: (19) Applicable Guidance 1- According to The IIA’s International Professional Practices Framework, which of the following constitute mandatory guidance for implementing the Standards? A. Development Aids. B. Performance Standards. C. Practice Aids. D. Implementation Guides. Answer (A) is incorrect. Development Aids are not part of the IPPF. Answer (B) is correct. The mandatory guidance portion of the IPPF consists of the Core Principles, Definition of Internal Auditing, the Code o...

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Assignments. ACCT105-3 Questions with 100% Correct Answers | Verified | Latest Update 2024

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Acct105 Assignment 3 Explain the impact of accounting transactions in financial statements. This study source was downloaded by from CourseH on :22:29 GMT -06:00 Assignment 3: Acct105 2 There is so many things that can impact financial statements when it comes to certain accounting transactions. Expenses and income in the financial statements help any type of company identify what their net worth and their net income is. When we are looking the net worth or income, you are usually look...

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Act105 week 7.1 Questions with 100% Correct Answers | Verified | Latest Update 2024

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Question 1 of 10 10.0/ 10.0 Points Effective internal control systems successfully eliminate all misstatements in financial statements. A. True B. False Answer Key: False Question 2 of 10 10.0/ 10.0 Points SEC rules do not allow management to assert that a company has effective internal controls if: A.one or more material weaknesses exist. B.two or more material weaknesses exist. C.two or more immaterial weaknesses exist. D.one material weakness and one immaterial weakness exist. ...

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Act105 week 7.2 Questions with 100% Correct Answers | Verified | Latest Update 2024

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uestion 1 of 10 10.0/ 10.0 Points Section 404 of Sarbanes-Oxley levies duties on both management and outside auditors of public reporting companies. A. True B. False Answer Key: True Question 2 of 10 10.0/ 10.0 Points Which of the following is not one of the four specific responsibilities that PCAOB Auditing Standard No. 2 levies on company management? A.Accept responsibility for the effectiveness of the company’s internal control over financial reporting. B.Evaluate the effective...

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Act105 week 6.1 Questions with 100% Correct Answers | Verified | Latest Update 2024

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Question 1 of 10 0.0/ 10.0 Points The data on a materials requisition are entered as debits to the Materials Inventory account. A. True B. False Answer Key: False Question 2 of 10 0.0/ 10.0 Points Which of the following statements does not apply to managerial accounting? A.Relates to the part of the company that the manager oversees. B.Helps managers make good decisions in financing, resource allocation, marketing, and production. C.Information is intended for internal use. D.Inform...

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Act105 week 6 100% COMPLETE QUESTIONS AND ANSWERS

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Question 1 of 10 10.0/ 10.0 Points Because automobiles differ so much, their manufacture is likely to be accounted for in a job costing system. A. True B. False Answer Key: False Question 2 of 10 10.0/ 10.0 Points Which of the following would be classified as manufacturing overhead? (1) marketing research; (2) depreciation on president’s office facilities; (3) advertising; (4) factory taxes; (5) indirect materials; (6) machinery maintenance. A.1, 3, 4 are manufacturing overhead co...

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Act105 week 5 100% COMPLETE QUESTIONS AND ANSWERS,

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Question 1 of 10 10.0/ 10.0 Points The most important reason for preparing a statement of cash flows is to compute the change in cash. A. True B. False Answer Key: False Question 2 of 10 10.0/ 10.0 Points What is the stockholders’ equity to debt ratio for the following data? Total current liabilities (noninterest bearing) - $300,000; bonds payable, 5% (issued in 2007, due in 20 years) - $600,000; preferred 6% stock, $200 par - $240,000; common stock, $20 par - $480,000; premium on ...

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Act105 week 5.2 100% COMPLETE QUESTIONS AND ANSWERS,

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Question 1 of 10 10.0/ 10.0 Points Any reputable company has a cash flow liquidity ratio of greater than 1.0. A. True B. False Answer Key: False Question 2 of 10 10.0/ 10.0 Points The amount of depreciation expense in a period is added back to net income under the indirect method. A. True B. False Answer Key: True Question 3 of 10 0.0/ 10.0 Points What is the current ratio for the following data? Cash - $34,000; marketable securities - $16,000; accounts and notes receivable, net...

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Act105 week 5.3 100% COMPLETE QUESTIONS AND ANSWERS,

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Question 1 of 10 10.0/ 10.0 Points Depreciation provides cash for replacing plant assets; and this is the reason depreciation is shown as an inflow of cash on the statement of cash flows. A. True B. False Answer Key: False Question 2 of 10 10.0/ 10.0 Points Cash received from the issuance of long-term debt is a financing activity. A. True B. False Answer Key: True Question 3 of 10 10.0/ 10.0 Points When net income is used as a starting point in measuring cash flows from operating...

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