Acc true/ false help?
1. The Sarbanes-Oxley Act requires that financial statements of all
public companies report on management's conclusions about the
effectiveness of the company's internal control procedures.
T/F
2.Internal control is enhanced by separating the control of a
transaction from the record-keeping function.
TF
3. A voucher is a form on which is recorded pertinent data about a
liability and the particulars of its payment
1. An intangible asset is one that has a physical existence.
T/F
2. When minor errors occur in the estimates used in the determination
of depreciation, the amounts recorded for depreciation expense in
the past should be corrected.
T/F
3. When a property, plant, and equipment asset is sold for cash, any
gain or loss on the asset sold should be recorded.
T/F
4. Receiving payment prior to delivering goods or services causes a
current liability to be incurred.
T/F
5. The borrower is the one who issues a note payable to a creditor.
T/F
6. In order to be a recorded contingent liability, the liability must be
possible and easily estimated.