A customer who returns goods or receives an allowance is entitled to a credit for the appropriate amount of sales tax if tax was charged on the original sale.
Answer the following statement true (T) or false (F)
True
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The principle of lower of cost or market and the potential obsolescence of inventory are a concern for the audit team because of which of the following?
a. They are uncommon and may not exist. b. They are a burden to the auditor in the undue amount of work caused. c. They are likely to occur in the last month of the year and cause cutoff problems. d. They are an inherent component of complexity related to valuation.
The primary purpose of the Constitutional Convention of 1787 was to limit the power of the federal government of America and restrict it from levying or collecting taxes
Indicate whether the statement is true or false
When decision makers select the first acceptable alternative considered, the result is
A. neutralization. B. optimization. C. satisficing. D. stereotyping. E. extinction.
The finance department of Global Couriers decides that half of the previous year's profits should be reinvested into the business. The marketing department, however, plans to extend the company's services to five more cities, which would require additional investment. The department heads hold a meeting at the end of the quarter to discuss the company's strategies; the meeting is, however, adjourned when they realize that their opinions clash. Information silo, in this case, has led to ________.
A. loss of business B. data paralysis C. organizational inefficiency D. increased expense E. data duplication