________ expenses are those costs that are incurred in a period but are both unpaid and unrecorded.
Fill in the blank(s) with the appropriate word(s).
Accrued
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Which of the following is a common error that hinders interpreting data accurately??
A) ?Attempting to compare when commonality is present B) ?Not hoping for spectacular results C) ?Assuming a cause-effect relationship when one does not exist D) ?Not trying to make results conform to a prediction or desire
An attempted acceptance that changes even minor terms is labeled a counteroffer
Indicate whether the statement is true or false
One of Samuel Slater's contributions to the development of American business was the use of
A. capital. B. flexible manufacturing. C. domestic robots. D. the factory system. E. the domestic system.
An accounting firm has noticed that of the companies it audits, 85% show no inventory shortages, 10% show small inventory shortages and 5% show large inventory shortages. The firm has devised a new accounting test for which it believes the following probabilities hold: P(company will pass test | no shortage) = .90 P(company will pass test | small shortage) = .50 P(company will pass test | large
shortage) = .20 a. If a company being audited fails this test, what is the probability of a large or small inventory shortage? b. If a company being audited passes this test, what is the probability of no inventory shortage?