Liquid assets or funds are important to
A) cover unplanned expenses.
B) prevent interrupting your long-term investments.
C) prevent overdrafts in checking accounts.
D) cover some planned expenses.
E) All of the above are correct.
Answer: E
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You are concerned with unrecorded transactions in the purchasing cycle. Which audit procedure are you most likely to use when auditing purchases?
A. Tracing vendor invoices to accounting records. B. Recalculation of vendor invoice amounts. C. Confirmation of customer accounts. D. Vouching transactions in accounting records to vendor invoices.
Acceptable methods of assigning specific costs to inventory and cost of goods sold include all of the following except:
A. LIFO method. B. Weighted average method. C. Retail method. D. Specific identification method. E. FIFO method.
Sierra Lumber Company and Recycle & Resale, Inc., (R&R) enter into an oral contract for Sierra's sale to R&R of six used forklifts for $2,900 each. Before R&R takes possession of the goods, this contract is enforceable by
A. Sierra. B. R&R. C. any interested third party, such as an R&R customer for the goods. D. none of the choices.
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Indicate whether the statement is true or false