Goods are shipped to a customer, but the shipping department does not notify billing and the customer never receives an invoice. Describe a specific internal control procedure that would detect this error
Billing department matches the stock release copy of the sales order (from shipping) to the invoice, ledger, and file copies of the sales order (sent directly to billing), and then mails the invoice to the customer. After a certain amount of time has passed, the billing department should investigate any unmatched invoice, ledger, and file copies of the sales order.
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Tom, Susie, and Bill are tired of working for a large company. They want to start their own business. They decide to meet in Tom’s garage for as long as it takes to determine a societal problem that needs to be fixed. Once they figure out this problem they want to figure out a product or service that will solve this problem. According to the innovative process described in your text, this scenario describes which stage in the innovation process?
A. problem-solving B. implementation and diffusion C. brainstorming D. idea generation
Speed Zone Inc, dealers in automobiles, pays its employees a commission of 5 percent on each sale. What is the proper classification of the cost of sales commissions?
A) Scattered cost B) Variable cost C) Mixed cost D) Fixed cost
Corporations utilize external financing either because they do not have sufficient earnings to
reinvest or they want to rebalance their capital structures. Indicate whether the statement is true or false
Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to the ending inventory using FIFO. DateActivitiesUnits Acquired at CostUnits Sold at RetailMay 1Beginning Inventory260 units @ $11 5Purchase275 units @ $13 10Sales 195 units @ $2115Purchase155 units @ $14 24Sales 145 units @ $22
A. $4040 B. $4705 C. $8605 D. $4565 E. $3900