Four major drug companies got together and decided to set the prices they would all charge for Vitamin B and they also divided up sales territories and determined how much each company would
sell in each area.
Which of the following statements is FALSE? Each company
A) could be found guilty of conspiracy
B) could be found guilty of price fixing
C) could be fined up to $25million and face up to 14 years in jail
D) face administrative monetary penalties of up to $10 million
E) could receive a prohibition order
D
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Which of the following is NOT a procedure that the auditor should perform related to the physical inventory count?
a. Document the first and last tag numbers used. b. Take notations of all items that appear to be obsolete or are in questionable condition. c. Make counts of all items and record the counts for subsequent tracing into the client‘s inventory compilation. d. Observe whether there is any physical movement of goods during the counting of the inventory.
A _____ is a price reduction offered to a consumer, an industrial user, or a marketing intermediary in return for prompt payment of a bill
a. cash discount b. quantity discount c. functional discount d. seasonal discount
Other things held constant, which of the following will cause an increase in net working capital?
A. Cash is used to buy marketable securities. B. A cash dividend is declared and paid. C. Merchandise is sold at a profit, but the sale is on credit. D. Long-term bonds are retired with the proceeds of a preferred stock issue. E. Missing inventory is written off against retained earnings.
Lydia, a minor, charges the cost of a smartphone at a Mobile Devices & Minutes store. Two nights later, Lydia loses the phone at Natural Foods restaurant. She disaffirms the phone's purchase. Lydia owes Mobile Devices the reasonable value of the phone? A)?if it is deemed a necessary
B)?if it is deemed a luxury. C)?if it is deemed unique. D)?under no circumstances.