Which of the following is used to assess overall performance at a corporate level?
A. Asset
B. Square foot of selling space
C. Inventory
D. The number of full-time employees
E. Comparable-store sales growth
Answer: E
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The parties involved in a defined benefit plan are the same as those in a defined contribution plan.
Answer the following statement true (T) or false (F)
Slotkin Company buys designer clothing to sell in its retail stores. Since much of the merchandise comes from Dallas and Europe, Slotkin Company must pay freight charges to get the merchandise shipped in. Which statement is true?
a. Transportation-in, paid by Slotkin Company, is added to the inventory account under the periodic system. b. Transportation-in, paid by Slotkin Company, is subtracted from purchases under the periodic system. c. Freight charges are only paid by a buyer in a periodic system. d. Transportation-in is added to net purchases to determine cost of goods purchased in a periodic system.
At which point in an ordinary sales transaction of a wholesaling business would a lack of specific authorization be of least concern to the auditor?
A. Selling of goods for cash. B. Granting of credit. C. Determination of discounts. D. Shipment of goods.
Which one of the following does not constitute a probable relationship between accounts?
a. Equipment and depreciation. b. Patent and amortization. c. Assets under capital leases and amortization. d. Oil reserves and depreciation.