Answer:
1. False
2. False
3. False
4. True
5. True
Explanation:
1.
Sarbanes-Oxley Act was a federal law that was established by congress to sweep auditing and financial statements for public companies. The main aim for this was to improve the investor confidence by improving reliability in accounting statements. Errors in the financial statements for the public companies were to be minimized following this law especially in the wake of numerous cases of corporate crime. This law was never passed to ensure that investors only invest in companies that will be profitable, since the choice of which company to invest in is exclusively left to the investor. So the above statement is false.
2.
Ethics can be defined as a set of rules and regulation that govern the moral behavior of someone. Ethical standards vary from one region to another since they are majorly cultural, for example; a behavior in the United States can be considered as appropriate while the same behavior in a different place can be inappropriate. Ethical standards are either right or wrong, and the actions are judged on these terms. Ethics don't measure whether a actions are loyal or disloyal, thus the statement is false.
3.
The primary accounting standard setting body in the United States is Financial Accounting Standards Board (FASB). This body is charged with regulating and setting the best standard of accounting practice. The FASB usually constitutes a board whose officials are rigorously assessed. The board members have to be professionals in the field of accounting. Securities and Exchange Commission on the other hand is an independent federal agency with the authority to enforce federal security laws. Thus the statement above is false.
4.
The historical cost principle suggests that the companies record assets cost at their original cost and continue to report them at their original cost over the time the asset is held. The historical cost principle is a generally accepted accounting principle that has been in use for a long time. The definition about the historical cost principle in the question above is therefor true.
5.
The monetary unit assumption dictates that business related activities be converted to monetary units. There are some business transactions that are however quite difficult to convert into monetary units, therefor the accountant in using this principle is only obliged to record only the transactions that can be measured in money terms. The statement about monetary units in the question above is thus true.
Answer:
All net income, less all dividends, since the company began operations.
Explanation:
Retained Earnings are the retained profits that the company keeps with itself, for meeting any case of emergency or for growing company and thus, meeting the growing expenses.
Each year when company earns profits and then, it distributes its profits in the form of dividends, the balance remaining after paying the dividends is added to retained earnings.
Thus, the entire balance of these kind of profits not paid anywhere else and also not utilized is called retained earnings.
Let's say that gasoline is subject to a $0.50 excise tax in your city. This tax affects both buyers and sellers equally.
Depending on the elasticity of demand and supply, a tax's burden is split between purchasers and sellers. Depending on their alternatives, buyers' and sellers' desire to exit the market is represented by elasticity. The relationship between supply and demand price elasticity and tax incidence is also possible. The tax burden is placed on the purchasers when supply is more elastic than demand. The cost of the tax will be borne by the producers if demand is more elastic than supply.
Learn more about the burden of this tax here.
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Answer:
C. WIP InventoryminusMolding
Explanation:
Crediting is the amount or the items leaving the account, so since the Molding inventory is the one letting go of things, this is in the positive part of the T graph, so since it is having a credit, since it is providing it, the C. WIP InventoryminusMolding is the one that is being credited, on the other hand you should debit the WIP InventoryminusColoring since it is the one receiving the products.
Probably “would you enjoy reading a fashion magazine”
