Answer the following statements true (T) or false (F)
1. After preparing a bank reconciliation, adjustments must be made for items reconciling the book balance.
2. Outstanding checks, deposits in transit, deductions for bank fees, additions for interest, and errors are all factors that can cause the bank statement balance for a checking account to be different from the company's checking account balance.
3. Outstanding checks, deposits in transit, and bank service charges are added to the beginning balance of the bank statement to determine the adjusted bank balance.
4. Proper internal control would require that a department manager inform the purchasing department of its needs for additional merchandise by preparing and signing a purchase requisition which lists the merchandise needed and requests that it be purchased.
5. An invoice is an itemized statement of goods prepared by the customer listing the customer's name, items sold, sales prices, and terms of sale.
1. TRUE
2. TRUE
3. FALSE
4. TRUE
5. FALSE
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Anya's report is 60 pages long. She is including an executive summary that is twelve pages long. This is __________.
A. Anya is creating a formal report on whether her company should expand into a new product line. B. too long; an executive summary should always be a maximum of five pages C. too short; an executive summary should always be a minimum of 20 pages D. the proper length for an executive summary in a report of this size
In a limited warranty, the warrantor must guarantee that a defective product will be repaired or replaced free during the warranty period
Indicate whether the statement is true or false
The European Union’s fight against discrimination includes taking action on which of the following?
a. Push for diversity training b. Development of local anti-discrimination policies c. Support for NGOs and social partners d. Annual report on the status of an organizations’s workforce composition
When purchasing a home you first should consult an attorney
A) before signing a purchase agreement. B) after signing a purchase agreement, but before closing on the purchase. C) only after the title search is complete. D) In most cases there is no need to consult an attorney when purchasing a typical single family dwelling unit.