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Author Question: Control redundancy addresses whether too many control plans are directed toward the same control ... (Read 211 times)

amal

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on: Jul 5, 2018
Control redundancy addresses whether too many control plans are directed toward the same control goal.
  Indicate whether the statement is true or false

Question 2

What are natural resources? Give some examples. How are they accounted for?
 
  What will be an ideal response?


bdobbins

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Reply #1 on: Jul 5, 2018
Answer to Question 1

T

Answer to Question 2

Natural resources are assets that come from the earth, such as timber, water, and minerals. Natural resources are recorded in the accounting system at cost and then depleted as they are consumed using the activity method. Depletion expense affects the income statement by decreasing net income. When natural resources are acquired for cash, the purchase is reported as an investing cash outflow on the statement of cash flows.


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