The source of buying information trusted by the greatest percentage of consumers is
A. brand websites.
B. paid magazine ads.
C. paid television ads.
D. personal recommendations.
E. online consumer opinions.
Answer: D
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A company using the periodic inventory system has the following account balances: Merchandise Inventory at the beginning of the year, $3,600; Freight-In, $650; Purchases, $10,700; Purchases Returns and Allowances, $1,950; Purchases Discounts, $330 . The cost of merchandise purchased is equal to
a. $12,670 b. $9,070 c. $8,420 d. $17,230
How must an auditor address fraud in the planning stage?
a. The auditor must test for fraud in the planning stage by sampling accounts. b. The auditor must consider the likelihood of fraud existing in the company in the planning stage. c. The auditor must realize that most people are honest and not automatically assume that fraud exists when planning the audit. d. The auditor must not be aggressive in its initial approach to fraud as trust may be lost by the client.
Population items with a zero balance have the same chance of being chosen as those with dollar balances when using MUS sampling
a. True b. False Indicate whether the statement is true or false
The excess of sales price of treasury stock over its cost should be credited to
A) Treasury Stock Receivable B) Premium on Capital Stock C) Paid-In Capital from Sale of Treasury Stock D) Income from Sale of Treasury Stock