Author Question: The control plan called key verification is designed to reduce the possibility that data will be ... (Read 92 times)

burchfield96

  • Hero Member
  • *****
  • Posts: 610
The control plan called key verification is designed to reduce the possibility that data will be misread or miskeyed during data entry.
  Indicate whether the statement is true or false

Question 2

Team Shirts, Inc recognized 4,690 of insurance expense for the year. At the beginning of the year, the balance in Prepaid insurance was 400. At the end of the year, the balance was 775.
 
  How is the accounting information for these items reported on the statement of cash flows using the INDIRECT method?
  What will be an ideal response?



tmlewis4706

  • Sr. Member
  • ****
  • Posts: 295
Answer to Question 1

T

Answer to Question 2

The net increase in Prepaid insurance of 375 is subtracted from net income in the operating activities section of the statement. The 4,690 is not reported on the statement of cash flows separately because it has already been deducted in arriving at net income.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

The Food and Drug Administration has approved Risperdal, an adult antipsychotic drug, for the symptomatic treatment of irritability in children and adolescents with autism. The approval is the first for the use of a drug to treat behaviors associated with autism in children. These behaviors are included under the general heading of irritability and include aggression, deliberate self-injury, and temper tantrums.

Did you know?

Vital signs (blood pressure, temperature, pulse rate, respiration rate) should be taken before any drug administration. Patients should be informed not to use tobacco or caffeine at least 30 minutes before their appointment.

Did you know?

The first war in which wide-scale use of anesthetics occurred was the Civil War, and 80% of all wounds were in the extremities.

Did you know?

The highest suicide rate in the United States is among people ages 65 years and older. Almost 15% of people in this age group commit suicide every year.

Did you know?

Cutaneous mucormycosis is a rare fungal infection that has been fatal in at least 29% of cases, and in as many as 83% of cases, depending on the patient's health prior to infection. It has occurred often after natural disasters such as tornados, and early treatment is essential.

For a complete list of videos, visit our video library