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

Business

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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.

Business

Wholesalers absorb risk by taking title and bearing the cost of theft, damage, spoilage, and obsolescence

Indicate whether the statement is true or false

Business

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.

Business

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

Business