In a perpetual inventory system, merchandise returned to vendors reduces the merchandise inventory account
Indicate whether the statement is true or false
True
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Which of the following statements is false?
a. Checks and deposit slips are the main source of documents backing up the bank statement. b. Retailers use cash register tapes to recognize sales. c. Stock certificates are evidence of being a creditor of the company. d. Time cards are used as the source of information to record wages.
In comparison to a corporation, the owners of a general partnership ________.
A) have limited claim on the profits generated by the business B) are restricted from dissolving the business without prior notice to the SEC C) have an unlimited personal liability for the debts of the business D) are taxed at two levels
In a process costing system, the amount of total costs to be accounted for is made up of direct materials and conversion costs incurred during the current period plus those costs included in the beginning Work in Process Inventory account
Indicate whether the statement is true or false
Which ethical standard is violated when an accountant uses information from a financial statement he is preparing to advise a relative of a stock purchase?
a. Competence b. Confidentiality c. Integrity d. Credibility