Hi
In a large business concern a journal<span> is </span>divided<span> into parts so that several clerk could work at the same time. This is known as subdivision of </span>journal<span>.
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hope it helps
I was stuck on the same thing in my class test. I ended up failing but if I get the answers to it I’ll totally send them to you!!!
Answer:
$30,500
Explanation:
As stone receives compensation in the form of stock and is having 100% control over the corporation ( required is minimum 80%) the transaction qualifies for tax free transfer. (IRC 351). So, adjusted basis is taken into consideration for determining the basis for corporation ( under sec 362).
So the Corporations total basis for transfered assets =$500+$30000 =$30500
Answer:
Option C. Statements identifying the responsibility of the auditors and management for internal control over financial reporting.
Explanation:
The reason is that the introductory paragraph eliminates the confusion about the role and responsibility of external auditor and the management. This helps them to avoid any litigation based on the confusion and the recruitment of external auditors because they are not liable for internal control to the extent the management has the responsiblity. Furthermore, auditor is only liable to submit a list of internal control which he thinks are impaired or their is a need for a new internal control along with his recommendations. So the option C is correct.