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3 years ago

Which piece of educational information is normally not asked about on a job application?

1 answer:

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The educational information is that to be given in a job application depends on the type of job you are applying for. Those jobs that require educational background are those jobs that require particular level of education like level of education for a politician for example. As long as the nature of the job do not require a particular level of education, it is not proper to ask for educational information.

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Generally accepted accounting principles (GAAP) requires the expenses incurred to generate revenues be matched in the same perio

spin [16.1K]

Answer:

The statement is: True.

Explanation:

The matching principle of the Generally Accepted Accounting Principles (<em>GAAP</em>) states that the expenses a company incurs during a period must match with the revenues those expenses were incurred during the same period. This principle is usually implemented with the accrual accounting method leaving in clear that expenses are incurred to generate profit.

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4 years ago

For each of the procedures described in the table below, identify the audit procedure per formed and classification of the audi

katen-ka-za [31]

Answer:

a. Requested responses directly from customers as to amounts due.

Audit Procedure: Confirmation

Classification of Audit Procedure: Substantive procedures

b. Compared total bad debts this year with the totals for the previous two years.

Audit Procedure: Analytical procedure

Classification of Audit Procedure: Substantive procedures

c. Questioned management about likely total uncollectible accounts.

Audit Procedure: Inquiry

Classification of Audit Procedure: Substantive procedures

d. Watched the accounting clerk record the daily deposit of cash receipts.

Audit Procedure: Observation

Classification of Audit Procedure: Test of controls

e. Examined invoice to obtain evidence in support of the ending recorded balance of a customer.

Audit Procedure: Inspection of records or documents

Classification of Audit Procedure: Substantive procedures

f. Compared a sample of sales invoices to credit files to determine whether the customers were on the approved customer list.

Audit Procedure: Reperformance

Classification of Audit Procedure: Test of controls

g. Examined a sample of sales invoices to see if they were initialized by the credit manager indicating credit approval.

Audit Procedure: Inspection of records or documents

Classification of Audit Procedure: Test of controls

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4 years ago

Which contractual standard for product safety and liability says that buyers chose to make purchases and therefore every purchas

taurus [48]

<span>The contractual standard for product safety and liability that says the buyer chose to make the purchases and knows the each purchase involves informed consent is often referred to as the standard of caveat emptor. This is simply a warning that lets the buyer know and understand the product is sold as is and is subject to all defects. Basically, another way of saying buyer be ware.</span>

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3 years ago

Justin, a real estate salesperson with City Brokerage, received a referral fee after referring a client to Mark, another real es

Ganezh [65]

Answer: Justin's sponsoring broker

Explanation:

From the question, we are informed that Justin, a real estate salesperson with City Brokerage, received a referral fee when he refered a client to Mark, who is another real estate salesperson with City Brokerage.

The person to pay Justin his referral fee will be Justin's sponsoring broker. It should be noted that when another agents gets a referral from an agent, the sponsoring broker is the one who gives the referral fee to the referring agent.

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4 years ago

Family Corporation, a corporation controlled by Buddy's family, redeems all of Buddy's stock. For the redemption to be treate

WINSTONCH [101]

Answer:

C. Buddy cannot be a creditor of the corporation after the redemption.

Explanation:

"A stock redemption that terminates a shareholder’s entire stock ownership in a corporation will qualify for sale or exchange treatment under § 302(b)(3). The attribution rules generally apply in determining whether the shareholder’s stock ownership has been completely terminated. However, the family attribution rules do not apply to a complete termination redemption if the following conditions are met:

The former shareholder has no interest, other than that of a creditor, in the corporation for at least 10 years after the redemption (including an interest as an officer, director, or employee).

The former shareholder files an agreement to notify the IRS of any prohibited interest acquired within the 10-year period and to retain all necessary records pertaining to the redemption during this time period."

Reference: South-Western, Thomson. “Chapter 5.” To Qualify for Sale or Exchange Treatment, a Stock Redemption Generally Must Result in a Substantial Reduction in a Shareholde, 2005,

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4 years ago