Both U.S. GAAP and international financial reporting standards (IFRS) require the use of the lower-of-cost-or-market rule to value inventories
a. True
b. False
Indicate whether the statement is true or false
True
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The most common access point for perpetrating computer fraud is at the data collection stage
Indicate whether the statement is true or false
Castillo Services paid K. Castillo, the sole shareholder of Castillo Services, $5,700 in dividends during the current year. The entry to close the dividends account at the end of the year is:
A. Debit Dividends $5,700; credit Cash, $5,700 B. Debit Dividends $5,700; credit Retained earnings $5,700 C. Debit Retained earnings $5,700, credit Salary Expense $5,700 D. Debit Retained earnings $5,700; credit Dividends $5,700 E. Debit Income Summary $5,700; credit Retained earnings $5,700
The principal of a non-interest-bearing note includes an implied interest cost
Indicate whether the statement is true or false
A request for proposal (RFP) is the process ________.
A. undertaken by organizations to gain access to critical information withheld by gatekeepers B. of evaluating service recovery strategies adopted by a company to reacquire customers C. of putting product specifications into a document for distribution D. by which customer computers communicate directly with supplier computers E. of handing out sales contracts to vendors, preferably those on the supplier list