Receiving a bill or otherwise being notified that an amount is owed is not recorded until the amount is paid
Indicate whether the statement is true or false
False
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What does the IRS’s Whistleblower Reward Program have in common with the False Claims Act?
a. Both encourage whistleblowers to file suit against individuals as well as companies. b. Both provide financial incentives to whistleblower citizens in the form of a percentage of money recovered. c. Both provide financial incentives to whistleblower citizens in the form of standardized monetary rewards. d. Both provide total anonymity for the whistleblower.
How does the fair trade system differ from the free trade system?
a. The seller can sell product based on what the market will allow. b. The buyer must undergo much harsher analysis of internal company processes. c. The buyer and seller do not have as much freedom to agree on a price. d. The buyer and seller are both from countries that abide by developed-country laws and standards.
Charitable contributions are often used as a means of reducing the amount of income tax expense arising from capital investment projects
Indicate whether the statement is true or false
Pine Hardware Store had net credit sales of $3,900,000 and cost of goods sold of $3,000,000 for the year. The Accounts Receivable balances at the beginning and end of the year were $600,000 and $700,000, respectively. The accounts receivable turnover ratio was
A) 5.6 times B) 6.5 times C) 4.6 times D) 6 times