Match the term with its definition.
A. The time required to convert paid-for inventory and accounts receivable into cash
B. The number of days, on average, that a company holds inventory
C. The number of days, on average, that a business takes to pay its accounts payable
D. The number of days, on average, that a firm extends credit to its customers
E. A post office box for receiving remittances from customers
F.
G. The management of current assets and current liabilities
A. cash conversion period
B. days in inventory
C. days in payables
D. days sales outstanding (average collection period)
E. lock box
F. working capital cycle
G. working capital management
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On January 1, 2016, the Pruett Company signed a six-month, non-interest-bearing note payable for $170,000 and received $162,800 from Your Neighborhood Bank. On January 31, 2016, what amount should Pruett record for interest expense, and what is the net carrying value of the note?
A) $1,200; $161,600 B) $0; $170,000 C) $7,200; $170,000 D) $1,200; $164,000
Why is fraud detection an important part of the audit?
a. Auditors are required to seek out and find all fraud, regardless of its magnitude. b. Auditors expect that management will make them aware of any fraud in the financial statements. c. Society expects that financial statements have not been materially misstated due to fraud. d. Society realizes that some fraud was not intended to be discovered by auditors.
Discrimination based on national origin does not generally apply to _________
Fill in the blank(s) with the appropriate word(s).
Companies that do not have operations in China find it difficult to compete based on the basis of low prices with companies that do. Instead those companies tend to compete based on:
A) quality and social responsibility. B) speed and small production runs. C) luxury. D) quality and small production runs.