The cost of goods available for sale during the accounting period must be divided between the cost of goods sold and the ending inventory
Indicate whether the statement is true or false
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Which of the following statements is true?
A. Closing entries are only necessary if errors have been made. B. By using a work sheet to prepare adjusting entries you need not post these entries to the ledger accounts. C. A post-closing trial balance should include only permanent accounts. D. Retained earnings must be closed each accounting period. E. The work sheet can be substituted for preparing financial statements.
Deterministic inventory models require the use of simulation
Indicate whether the statement is true or false
Money damages for breach of a sales contract is usually based on the difference between the market price and the contract price
Indicate whether the statement is true or false
Briefly describe the origin and purpose of the Fair Labor Standards Act (FLSA)