When a company has a counterbalancing error, the company should
A) not take any action if the financial statements are no longer being presented on a comparative basis.
B) restate the financial statements to show the correct balances if the financial statements are presented on a comparative basis.
C) discuss the error in the notes to the financial statement and restate the financial statements.
D) a and b.
D
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To obtain an extension of time for payment of an account, a customer may issue a note for all or part of the amount due
Indicate whether the statement is true or false
When you provide credit information about another person, you have an ethical and legal obligation to
a. yourself. b. the credit applicant. c. the business from whom credit is requested. d. all of the above.
Which of the following is NOT one of the quality appraisal tools that managers and employees use?
a. check sheets b. Pareto charts c. histograms d. quick rework
The bank charged a service fee of $55. How would this information be included on the bank reconciliation?
A) a deduction on the bank side B) an addition on the book side C) a deduction on the book side D) an addition on the bank side