Question 19 4 pts

Holmes is a CPA who works in a mid-level accounting position at a corporation. Her supervisor, Herman, directs her to book a sale in the current year for a product that will not be shipped until approximately the second day of the next year. If Holmes makes the entry in the manner demanded,

Group of answer choices

the act is acceptable because the supervisor bears ultimate responsibility for the information presented.

is not acceptable because it is a discreditable act.

is acceptable because the CEO is ultimately responsible for ensuring the accuracy of the accounting records.

is acceptable because the shipment date is so close to the current year that the difference in timeframes is not material.

Question 20 4 pts

A company made a transfer between two bank accounts near the end of the year 20X1. Which of the following would generally be consistent with kiting?

Group of answer choices

the company records the disbursement on the books on 12/30/X1 and the receipt on the books on 12/31/X1.

the company records the disbursement on the books on 12/31/X1 and the bank records the disbursement on 1/2/X2.

the company records the receipt on the books on 12/31/X1 and the disbursement on 1/2/X2.

the company records the receipt on the books on 12/31/X1 and the bank records the receipt on 1/2/X2.