Each state has a constitution that is similar to the U.S. Constitution in the design of the government it provides.
Answer the following statement true (T) or false (F)
True
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Which of the following is the most effective control activity to detect vouchers prepared for the payment of goods that were not received?
A. Verification of vouchers for accuracy and approval in the internal audit department. B. Comparison of goods received with goods requisitioned in the receiving department. C. Counting of goods upon receipt in the storeroom. D. Matching of purchase order, receiving report, and vendor invoice for each voucher in the accounts payable department.
A major function of management is to provide the accountant with relevant and useful information
Indicate whether the statement is true or false
The win-win strategy can best be summed up by which of the following statements?
A) Both buyer and seller come away from the negotiation having given up something they originally wanted. B) Both buyer and seller come away from the negotiation feeling that their best interests have been served. C) Both buyer and seller come away from the negotiation feeling that they have made a new friend. D) Neither buyer nor seller comes away from the negotiation feeling that they have made progress. E) Neither buyer nor seller comes away from the negotiation having given up anything.
Comparative income statements for Chicago Company are provided below:Chicago CompanyComparative Income StatementYears Ended December 31?Year 2Year 1Sales$ 288,000$ 302,190Less cost of goods sold_____101,350_____115,400Gross margin186,650 186,790Less operating expenses 89,970______99,770Income before taxes96,68087,020Income taxes______38,672______34,808Net income $ 58,008$ 52,212Required:Perform a horizontal analysis of Chicago Company's income statement by computing horizontal percentages for each item. Round your answer to one decimal place (i.e. 22.5%).
What will be an ideal response?