Privately owned companies
A) are required to have an independent CPA audit their financial statements.
B) are required to have their internal control systems audited.
C) are required to have both the financial statements and internal control systems audited.
D) are not required to do any of these.
D
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Which of the following is a consumer product?
A) salt and gravel used by cities to spread on icy roads B) a bulk package of tissues to be separated and resold at a convenience store C) a bag of potato chips to be eaten by an individual D) a carton of tomatoes to be used at a restaurant E) a set of cleaning supplies used at an office
The use of realistic predetermined unit costs to facilitate product costing, cost control, cost flow, and inventory valuation is a description of the
A) flexible budget concept. B) budgetary control concept. C) capacity level concept. D) standard cost accounting concept.
You are the salesperson of a large soft drink manufacturer. You are calling on a purchasing agent to inform him about a new promotional offer and to ask for an order of 100 cases. When you enter the customer's place you realize that the customer is in a bad mood. How do you respond to this situation?
A. Calmly get out of the scene to avoid conflicts. B. Present the offer and ask for the order as usual. C. Ask for a rescheduled appointment and call on him later. D. Tell the agent about the offer but do not ask for the order. E. Attempt to close once but not again if the prospect refuses.
Journal entries that are necessitated by reconciling items on the book side of the reconciliation include either a debit to Cash or a credit to Cash
Indicate whether the statement is true or false