All of the following are important controls over credit memos except:
A. proper segregation of duties to ensure that sales discounts taken were earned.
B. credit memos should be supported by a receiving document for returned goods.
C. credit memos should be approved by someone other than whoever initiated it.
D. proper segregation of duties between access to customer records and authorizing credit memos.
Answer: A
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Answer the following statements true (T) or false (F)
1) The last-in, first-out (LIFO) costing system may or may not match the physical flow of goods. 2) The last-in, first-out (LIFO) costing system is permitted under International Financial Reporting Standards (IFRS). 3) Under International Financial Reporting Standards (IFRS), companies may only use the specific identification, FIFO, and weighted-average methods to cost inventory. 4) When a company uses the last-in, first-out (LIFO) method, the cost of goods sold represents the costs of most recently purchased goods, and the ending inventory represents the oldest costs. 5) When using the weighted-average inventory costing method in a perpetual inventory system, a new weighted average cost per unit is computed at the end of each quarter.
When pharmacy chain CVS Health announced a $69 billion merger with the health insurance giant Aetna late in 2017, top management of CVS needed to weigh a number of strategic considerations except
A. CVS's opportunities to pursue debt reduction to lower its debt/equity ratio while maintaining asset levels. B. CVS's opportunities to initiate profit improvements or turnaround strategies for weak-performing businesses showing potential. C. CVS's opportunities to pursue divestiture of businesses that did not fit into the company's longer term plans. D. CVS's opportunities to divest other unattractive businesses. E. CVS's opportunities to pursue rapid growth strategies in its most promising businesses.
Death protection is not the most important reason for purchasing life insurance
Indicate whether the statement is true or false.