The correct net income for Sarah Corp was $53,500. However, the company reported incorrect net income because beginning inventory was understated by $2,500, purchases were overstated by $2,000, and ending inventory was overstated by $2,000. What net income did Sarah Corp report?
A) $49,000
B) $51,000
C) $56,000
D) $58,000
C
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An alternate term for a timing difference is a _________________________
Fill in the blank(s) with correct word
Commercial accounting systems have fully integrated modules. The word "integrated" means that
a. segregation of duties is not possible b. transfer of information among modules occurs automatically c. batch processing is not an option d. separate entries are made in the general ledger accounts and the subsidiary ledgers
Define resources, economic events, and agents
Which of the following statements about primary and secondary audiences is not correct?
A) The cooperation of the primary audience is needed to achieve the objectives of your message. B) The secondary audience approves or rejects the request presented in your message. C) The primary audience is often the highest-ranking person who receives your message. D) Not all of your messages will have both primary and secondary audiences. E) You can try to satisfy the needs of the secondary audience after you satisfy the needs of the primary audience.