To finance the purchase of an electric guitar and amplifier from Leon's Guitars, Milo signs an instrument promising to pay to "National Lenders" $1,800 with interest in installments with the final payment due August 15, 2016. To be negotiable, this instrument must include on its face
A) any conditions on the sale of the goods
B) any conditions to the disbursement of the funds.
C) any conditions to the repayment of the loan.
D) no conditions.
D
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A customer's perception of quality service is often one of the prime reasons for his or her return.
Answer the following statement true (T) or false (F)
Takenson Corp is a merchandising company that uses the periodic inventory system. Selected account balances are listed below: Sales $500,000 Purchases 225,000 Inventory (beginning) 16,000 Inventory (ending) 30,000 Operating Expenses 148,000 Income Tax Expense 10,000 Retained Earnings (beginning) 53,000 Dividends 15,000 Refer to the information for Takenson Corp Calculate net income
a. $289,000 b. $131,000 c. $141,000 d. $116,000
Which one of the following situations reflects a weak internal control system?
a. All employees are well supervised. b. A single employee is responsible for comparing a receiving report to an invoice. c. All employees must take their vacations. d. A single employee is responsible for collecting and recording of cash.
Which internal control procedure is followed when management authorizes the purchasing department to order goods and services for the company?
a. Segregation of duties b. Safeguarding of assets and records c. Independent verifications d. Proper authorizations