Questions from Survey Accounting

Q: In 2012 Duke Energy, a large utility company with its headquarters

In 2012 Duke Energy, a large utility company with its headquarters in North Carolina, completed its $32 billion acquisition of Progress Energy. To get an idea of the size of this deal, in 2011 Duke En...

Q: What is the difference between accounts receivable and notes receivable?

What is the difference between accounts receivable and notes receivable?

Q: Explain the relationship between SOX and COSO.

Explain the relationship between SOX and COSO.

Q: Name and briefly define the five components of COSO’s internal control framework

Name and briefly define the five components of COSO’s internal control framework.

Q: What is the difference between goodwill and specifically identifiable intangible assets?

What is the difference between goodwill and specifically identifiable intangible assets?

Q: If PetCo had net sales of $600,000, goods

If PetCo had net sales of $600,000, goods available for sale of $450,000, and cost of goods sold of $375,000, what is its gross margin? What amount of inventory will be shown on its balance sheet?

Q: Describe how the perpetual inventory system works. What are some advantages

Describe how the perpetual inventory system works. What are some advantages of using the perpetual inventory system? Is it necessary to take a physical inventory when using the perpetual inventory sys...

Q: What are the effects of the following types of transactions on the

What are the effects of the following types of transactions on the accounting equation? Also identify the financial statements that are affected. (Assume that the perpetual inventory system is used.)...

Q: List several control activities of an effective internal control system.

List several control activities of an effective internal control system.

Q: Why is it important that every employee periodically take a leave of

Why is it important that every employee periodically take a leave of absence or vacation?