One change control function that is required in client/server environments, but is not required in mainframe environments, is to ensure that:
At December 31, Year 2, an entity had the following obligations that were expected to be refinanced:
The 17% note payable was issued on October 1, Year 1, and matures on July 1, Year 3.
No loan agreement existing at the balance sheet date provides for refinancing. The 15% note payable was issued on May 1, Year 1. and matures on May 1, Year 3. On February 1, Year 3, the entire US $140,000 balance of the 17% note payable was refinanced by issuance of a long-term debt instrument. On February 7, Year 3, the entity entered into a noncancelable agreement with a lender to refinance the 15% note payable on a long-term basis. The financial statements were authorized to be issued on March 1, Year 3. The total amount of obligations that may be properly excluded from current liabilities on the entity's December 31, Year 2, balance sheet is:
An entity purchased US $1 .000 gross amount of inventory on account with terms of 2 f discount if paid within 10 days. The seller was responsible for delivery to the shipping point, with freight of US $30 prepaid by the seller. The entity records purchases at the net amount. The journal entry to record payment 8 days after the invoice date is:
DEF is the consignee for 1.000 units of product X for ABC Company. ABC should recognize the revenue from these 1,000 units when:
While auditing a marketing department, the internal auditor discovered that the product life cycle model was used to structure the marketing mix. The manager has asked the auditor for advice about increasing advertising of various products. During which stage of the life cycle would it be appropriate to advertise that the company's product is the lowest price and best quality of all competitors?
