Answer: A Contract was formed on February 5th
Explanation:
The contract was formed the very day that Bob mailed Ann his acceptance which was on the 5th of February.
Ann attempted to revoke the acceptance too late as she did it a day after he had emailed his acceptance even though she only received it on the 7th.
The date she received the acceptance is of no consequence because this falls under the Posting Rule. This rule in Common Law countries essentially states an agreement is made as soon as the letter is posted even if it never gets to it's destination.
Answer:
A commercial bank is a type of bankthat provides services such as accepting deposits, making business loans, and offering basic investment products that is operated as a business for profit.
Answer: $942 U
Explanation:
Budgeted cost was $2,960 per month plus $326 per day and there were 18 days of actual activity.
Budgeted cost = 2,960 + 326 * 18
= $8,828
Variance = Budgeted cost - Actual cost
= 8,828 - 9,770
= -$942
Budgeted cost is less than Actual cost which means the Variance is UNFAVORABLE.
Answer:
B) companies to turn over responsibility for establishing and maintaining internal controls for financial reporting to auditors.
Explanation:
Sarbanes- Oxley is popularly called SOX and which is also know as the ''Public Accounting Reform and Investor Protection Act'' in the United States' Senate and ''Corporate and Auditing Accountability, Responsibility and Transparency Act'' is a USA federal law the sets out new regulations for all U.S public company boards, management and public accounting firms. Some part of the Act makes provisions that apply to privately owned companies.
The Sarbanes-Oxley is named after the bill sponsors that is Senator Sarbanes and a U.S Representative known as Micheal G. Oxley and this bill makes sure that the top management of a company must each individually determine and certify the accuracy of all financial information provided or stated. This bill was enacted in 2002 to curb a number of major corporate accounting scandals, especially those affecting big accounting firms like ; Enron, Tyco International, Adelphia, Peregrine Systems, and WorldCom that cost investors to loose a lot of money when the their shares collapsed.
As a guiding principal companies and organizations are supposed to adhere to the options mentioned above except for option B which states: companies to turn over responsibility for establishing and maintaining internal controls for financial reporting to auditors.
Answer: A. debit of $3,745 to Premium on Bonds Payable.
Explanation:
The carrying value of the bonds at redemption date is $103,745.
The bonds retired however, had a face value of $100,000.
The company therefore paid a premium on these bonds which is:
= 103,745 - 100,000
= $3,745
This amount will be debited to the Premium on Bonds Payable account.
