Courts generally impose liability on the accountant when a total stranger gets possession of the accountant's work and then sustains a loss because of a false statement in the work
Indicate whether the statement is true or false
False
You might also like to view...
Acti Manufacturing Corporation is estimating the following raw material purchases for the final four months of the year: September$830,000October$940,000November$860,000December$780,000At Acti, 40% of raw materials purchases are normally paid for in the month of purchase. The remaining 60% is paid for in the month following the purchase.In Acti's budgeted balance sheet at December 31, at what amount will accounts payable for raw materials be shown?
A. $468,000 B. $588,000 C. $780,000 D. $564,000
______ refers to the fact that organizations are greater than the sum of their parts.
A. Hierarchy B. Synergy C. Socially constructed D. None of these
Companies use products, prices, and service to facilitate relationship marketing.
Answer the following statement true (T) or false (F)
During the taking of a physical inventory on December 31, 2012, inventory was counted as $100,870 instead of the correct amount of $100,780 . The effect of the error on the December 31, 2012 balance sheet and income statement will be: Ending inventory will be ________; ________ will be overstated
a. understated; cost of merchandise sold b. overstated; cost of merchandise sold c. overstated; net income d. understated; gross profit