Answer the following statements true (T) or false (F)
Congress has recently been concerned with the laxity of auditors in detecting and disclosing fraud.
ANSWER: T
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The major control procedure for preventing fictitious inventory transactions from being recorded is proper segregation of duties.
Answer the following statement true (T) or false (F)
Recording as an asset expenditures that have no future economic benefit is an example of
a. strategic matching. b. change in methods or estimates with full disclosure. c. a fictitious transaction. d. non-GAAP accounting.
Tony was in debt $20,000 when his wealthy friend Marco told him to come with him on a "once in a lifetime" vacation for a few months. Tony said "You only live once, let's do it"
So Tony quit his job and Marco and Tony travelled the world, staying in luxury hotels, eating in expensive restaurants and running up large gambling debts. Three months later Tony arrived home with an additional $150,000 in debt. If Tony files for personal bankruptcy most likely a court would A) discharge him from his full $170,000 debt B) discharge him from his earlier $20,000 debt only C) discharge him from his recent $150,000 debt only D) refuse to discharge him from any of his debt E) require Marco to pay for half of Tony's debt
A company's sales margin:
A. is computed by dividing sales revenue by income. B. shows the sales dollars generated from each dollar of income. C. has basically the same meaning as the term "contribution margin." D. is computed by dividing income by sales revenue. E. must, by definition, be greater than the firm's net sales.