Which of the following is the best example of the control objective in the revenue cycle that all transactions are recorded accurately?
a. Sales are recorded at the invoice price expected to be collected from customers.
b. Sales orders have sequential numbering.
c. Recorded sales transactions are evidenced by valid invoices and shipping documents.
d. Credits to customer accounts are classified as liabilities.
a
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The building used in Tim's business was condemned by the city of Lafayette. Tim received a condemnation award of $125,000. He paid $1,200 in lawyer's fees and $800 for an appraisal of the property. Tim's adjusted basis in the building was $60,000. Tim reinvests in similar property costing $110,000, and Tim makes the proper election regarding the property. What is the amount of Tim's realized (not recognized) gain on the condemnation?
A. $65,000 B. $0 C. $50,000 D. $63,000
Based on the information provided by Falcon Networks how much cash did income taxes use during 2012?
a. $154.19 million b. $54.17 million c. $208.36 million d. $284.84 million
Martha draws a check payable to the order of Stella. Stella indorses the check to Karen. But Leslie steals the check from Karen, forges Karen's indorsement, and cashes the check at a liquor store. Who is liable on the check?
A) the liquor store B) Martha C) Stella D) Leslie
Target, Sears, and Macys are click-and-mortar businesses selling in a multichannel business model
Indicate whether the statement is true or false