Which of the following is affected as a result of an error in performing the physical count of inventory at the end of the accounting period?
A) sales revenue
B) operating expenses
C) net income
D) net cost of purchases
C
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Ambient noise such as a thunderstorm, music from the computer, or a TV show in the background fall under the category of ______ distractions.
a. medium b. source c. bias d. situational
The use of accelerated methods is appropriate when the asset will be used more in the later periods versus earlier periods
Indicate whether the statement is true or false
Management of Premium Discovery Company is compensated through large salaries, stock options and bonuses tied to the company's working capital growth. The CEO is constantly holding meetings to ensure that management is on target for increased operating income each month. Based upon the above information only, what type of probable motivation is there to commit fraud at the Premium Discovery
Company? a. Incentive. b. Opportunity. c. Rationalization. d. Expectation.
In an actual cost system, overhead is assigned to Work in Process Inventory with a debit entry to the account
Indicate whether the statement is true or false