Some support personnel, such as trade salespeople, may perform order-taking functions in addition to support functions.
Answer the following statement true (T) or false (F)
True
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Requiring the mail clerk to prepare a listing of all checks received, with copies of the list going to the cashier and to accounting, is an example of which type of control?
a. Preventive. b. Corrective. c. Detective. d. Directive.
Wholesalers absorb risk by taking title and bearing the cost of theft, damage, spoilage, and obsolescence
Indicate whether the statement is true or false
On January 2, 2010, Lester Company, a calendar-year company, issued $40,000 of notes payable, of which $10,000 is due on January 2 for each of the next four years. The proper balance sheet presentation on December 31, 2010, is
a. Current Liabilities, $40,000. b. Current Liabilities, $10,000; Long-Term Liabilities, $30,000. c. Long-Term Liabilities, $40,000. d. Current Liabilities, $30,000; Long-Term Liabilities, $10,000.
If the assets owned by a business total $75,000 and liabilities total $50,000, the total for owner's equity is $125,000
Indicate whether the statement is true or false