Explain the purposes, types, and uses of special journals.
What will be an ideal response?
Special journals are used for recording and posting similar types of transactions. The most common special journals are cash receipts, cash payments, purchases, and sales. Special journals provide a structure for more efficient data entry and posting. In addition, the efficient division of labor adds an effective internal control procedure to the accounting system.
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The gain or loss on the sale of a plant asset is determined by comparing the market value of assets received with the ________ of asset sold.
A) book value B) residual value C) original cost D) salvage value
Which statement is not true about nonresponse issues in sampling?
A) Nonresponse error is one of the most significant problems in survey research. B) Response rates themselves do not indicate whether the respondents are representative of the original sample. C) For a given study, if the nonrespondents differ from the respondents on the characteristics of interests, the sample estimates will only be mildly biased. D) Increasing the response rate may not reduce nonresponse bias.
Using a market transfer price would cause the selling division manager to sell directly to an outside customer rather than transferring goods to a buying division manager
Indicate whether the statement is true or false
Explain when presentment warranties apply. Identify the presentment warranties on a check and a promissory note