Journalizing eliminates fraud
Indicate whether the statement is true or false
False
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Marz Services Inc. is a personal service corporation with $60 million average annual gross receipts. Marz must use the accrual method of accounting for tax purposes.
Answer the following statement true (T) or false (F)
Financial statements prepared using generally accepted accounting principles:
a. use historical costs and are not adjusted for the effects of increasing prices. b. use historical costs and are adjusted for the effects of increasing prices. c. use market–based costs and are not adjusted for the effects of decreasing prices. d. use market–based costs and are adjusted for the effects of increasing prices.
Workers' compensation laws are laws that provide financial compensation to ________
A) covered employees of a covered employer or their dependents when they are fired from their jobs B) covered employees of a covered employer or their dependents when they are injured on the job C) independent contractors who are injured on the job D) workers who are let go or fired, for a period of time usually ranging from 1 to 2 years
A non-inventory item is:
A. A service purchased from a vendor B. A service sold to a vendor C. Goods purchased for resale to customers D. An item purchased for a specific customer job