If sales were overstated by recording a false credit sale at year end, where could you find the false "dangling debt"?
a. Inventory
b. Cost of Goods Sold
c. Bad Debt Expense
d. Accounts Receivable
Answer: d. Accounts Receivable
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Indicate whether the statement is true or false
Violations of export control laws are punishable by:
a. civil penalties only. b. criminal fines only. c. civil penalties, denial orders, criminal fines and imprisonment. d. administrative penalties only.
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Answer the following statement true (T) or false (F)
The book value of an asset is equal to the
A) purchase price minus accumulated depreciation. B) purchase price minus recaptured depreciation. C) purchase price minus depreciation expense. D) fair market value.