An entity shall select and apply its accounting policies consistently for similar transactions unless valid reasons...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
An entity shall select and apply its accounting policies consistently for similar transactions unless valid reasons are provided. This is used to ensure the characteristic of A. Verifiability B. Timeliness C. Comparability D. Understandability Night Cinema has the regulation that the employee selling movie tickets are not also account for cash. What kind of control activity does Night Cinema use? A. Physical control B. Separation of duties C. E-commerce control D. Proper authorization ** An entity shall select and apply its accounting policies consistently for similar transactions unless valid reasons are provided. This is used to ensure the characteristic of A. Verifiability B. Timeliness C. Comparability D. Understandability Night Cinema has the regulation that the employee selling movie tickets are not also account for cash. What kind of control activity does Night Cinema use? A. Physical control B. Separation of duties C. E-commerce control D. Proper authorization **
Expert Answer:
Answer rating: 100% (QA)
1 Option B Separation of duties is correct Based on the information provided Night Cinema uses the c... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
What type of risk management instrument is used to ensure to the obligee that work will be completed as stated in contract documents by the principal?
-
Describe the characteristic of a world-class company.
-
Give the characteristic of a second order reaction having onlyone reactant. A) The rate of the reaction isnot proportional to the concentration of the reactant. B) The rate of the reaction isdirectly...
-
A circular transistor of 10-mm diameter is cooled by impingement of an air jet exiting a 2-mm-diameter round nozzle with a velocity of 20 m/s and a temperature of 15C. The jet exit and the exposed...
-
(1) How would you describe the entrepreneurial team of Daguin and Faison? (2) Was it ever a balanced team? (3) What did each member bring to the business?
-
The sum of two numbers is 10, and the difference of the two numbers is 4. Which is the smaller of the two numbers? A. 3 B. 4 C. 6 D. 7 E. 8
-
What is air vessel? What are the functions of air vessel?
-
A large profitable corporation purchased a small jet plane for use by the firm's executives in January. The plane cost $1.5 million and, for depreciation purposes, is assumed to have a zero salvage...
-
Program for Calculate Compound Interest when principal, rate and number of periods are given.
-
Consider the following string of page references 7, 0, 1, 2, 0, 3, 0, 4, 2, 3, 0, 3, 2. Complete a figure similar to Figure 8.14, showing the frame allocation for: a. FIFO (first-in-first-out) b. LRU...
-
Taxpayer Ty is 55 years old, single, and has no dependents. His 2021 AGI was $350,000. On his 2021 California tax return, his tax due was $40,000. He expects to owe $60,000 in taxes for 2022. He...
-
Given the truth values \(A\) false, \(B\) true, and \(C\) true, what is the truth value of each of the following wffs? a. \(A ightarrow(B \vee C)\) b. \((A \vee B) ightarrow C\) c. \(C...
-
Consider Figure 4-1. The current demand and supply curves are D 1 , and S 1 , at which the equilibrium price and quantity are P 1 and Q 1 . If firms adopt a cost-reducing technique for producing this...
-
Oakland proposes that Quality is the only issue for organisational survival. Discuss this proposal in the light of the digital transformation and the emergence of Industry 4.0.
-
(a) In what circumstances should assumptions be made in order to assign a cost fo inventory items when they are sold? (b) What is the difference between FIFO, LIFO and AVCO cost formulas? (c) Compare...
-
What effect has the ACA had on the number of persons without health insurance since the individual and employer mandates began to take effect in 2014?
-
Suppose the country of Mitagardion is currently running a budget surplus. The size of the budget surplus is $22000, where $19000 of that is due to automatic stabilizers like taxes and spending....
-
Respond to the ethical judgments required based on the following scenarios. Scenario 1. Assume you have collected a sample using MUS and that you have evaluated that sample to calculate a total...
-
An entity must adjust its financial statements for an event that occurs after the end of the reporting period if a. The event occurs before the financial statements have been approved for issuance...
-
Past service cost related to nonvested employees should be recognized as expense a. In the period the cost is incurred. b. Over the nonvested employees remaining vesting period. c. Over the nonvested...
-
U.S. Treasury Regulations require the use of one of five specified methods to determine the arms-length price in a sale of tangible property. Which of the following is not one of those methods? a....
-
A tax auditor reviewing a tax return looks for several kinds of problems, including these two: (1) mistakes made in entering or calculating numbers on the tax return and (2) places where the taxpayer...
-
At a particular moment, the U.S. Census Bureau population clock shows that the global population is 7,118,233,027 people. Describe the accuracy and precision of that population number. Data From...
-
There are 24,627 species of fish on Earth. Decide whether the statement makes sense (or is clearly true) or does not make sense (or is clearly false). Explain clearly.
Study smarter with the SolutionInn App