Sales tax is reported as revenue when it is collected, and reported as an expense when it is paid.
Answer the following statement true (T) or false (F)
False
When sales tax is collected, it is reported as a liability, which is decreased when the tax is paid. It has no impact on the income statement.
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One of the advantages of direct-mail advertising is that it is clutter-free.
Answer the following statement true (T) or false (F)
Which of the following combinations for calculating ending inventory is not possible?
a. periodic LIFO; b. periodic perpetual; c. perpetual weighted average; d. periodic lower-of-cost-or-market; e. all are possible combinations.
Which of the following is (are) a strategy for dealing with environmental effects
a. End-of-pipe strategies. b. Process improvements. c. Pollution Prevention. d. All of the above.
The amount of cash fringe benefits received under a cafeteria plan is taxable to an employee.
Answer the following statement true (T) or false (F)