A counterbalancing error will automatically correct itself in the next accounting period even if it is never discovered
Indicate whether the statement is true or false
True
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A(n) ________ is the continuing process of aligning the mutual self interests and complementary resources of partner firms in stable marketplaces, responding adaptively to incremental marketplace changes, and transforming channels in the face of
disruptive forces. a. reseller partnership b. sustaining reseller partnerships c. alignment d. mutual self-interest
Internal control procedures for cash receipts do not require that:
A. Clerks having access to cash in a cash register should not have access to the register tape or file. B. All collections for sales are received immediately upon making the sales. C. Cash sales should be recorded on a cash register at the time of each sale. D. Custody over cash is kept separate from its recordkeeping. E. An employee with no access to cash receipts should compare the total cash recorded by the register with the record of cash receipts reported by the cashier.
In the context of ethical behavior,encouraging fraudulent accounting isillegal and unethical.
Answer the following statement true (T) or false (F)
Ronnie is the owner of a pet store and manages the store by himself. Any profit that Ronnie's store earns is:
A. used to purchase preferred stocks of the store. B. treated as Ronnie's personal income. C. not subjected to any form of taxation. D. taxed only if Ronnie has taken a loan.