Which of the following examples is NOT a billing scheme?
a. Mary purchases a new laptop for her brother-in-law with company's funds.
b. Mark submits a receipt of his cab fare for reimbursement, which includes an extra $10.
c. Joven double pays a vendor for the purchase of inventory and then pockets the second payment when it is returned.
d. Harry submits invoices in the name of the dummy company and collects the amount.
b
FEEDBACK: a. Incorrect.
b. Correct. This is an example of an expense reimbursement scheme.
c. Incorrect.
d. Incorrect.
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In terms of substantiation, if an advertiser uses expert endorsements, then statements in the advertisement must be based on:
A) legitimate tests performed by experts in the field B) the opinion of "typical persons" who would use the product C) truthful statements that represent the experts personal experience D) lab or engineering tests
Altonvista Inc., a company based in California, is sued by a plaintiff from the state of Texas. Which of the following statements is true in this scenario?
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With target costing, a new product's target price is determined following
A) market research. B) product design. C) product model testing. D) production.
If an asset is sold for less than its book value, the loss on the sale may be used to offset ordinary operating income provided the asset is used in the business
Indicate whether the statement is true or false