What documents are involved in a three-way match and what role does each play in this control?
1 . The PO, which shows that the purchasing agent ordered needed items from a valid vendor.
2 . The receiving report, which is evidence of the physical receipt of goods and their condition. The reconciliation of this document with the PO signifies the obligation to pay.
3 . The supplier's invoice, which provides the financial information needed to record the AP. The AP clerk verifies the prices are reasonable based on the information on the PO.
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Like job order costing systems, process costing systems are also only suited for companies that produce customized products
Indicate whether the statement is true or false
Companies are price-takers when ________.
A) their products are unique B) there is very little competition C) pricing approach emphasizes cost-plus pricing D) they have little or no control over the prices of their products or services
Once Mariko had carried her dry cleaning to the car, she took a minute to see if the cleaners had removed the stain from her wool skirt. The stain was still there, so Mariko took the skirt back to the cleaner. When Mariko showed the stained skirt to the cleaner employee, she shrugged and said, "I guess you want us to reclean the skirt?" Mariko responded, "Yes, please." The employee took the skirt, gave Mariko a dirty look and began sorting some items on the counter. The employee did not treat Mariko with:
A. Procedural fairness B. Situational fairness C. Interactional fairness D. Service equity E. Functional fairness
Oasis Company received $391,800 for bonds having a total face value of $400,000.What journal entry would be made to record this bond issuance?
A. Debit Cash for $400,000 and credit Bonds Payable for $400,000 B. Debit Cash for $400,000, credit Discount on Bonds Payable for $8,200, and credit Bonds Payable for $391,800 C. Debit Cash for $391,800, debit Discount on Bonds Payable for $8,200, and credit Bonds Payable for $400,000 D. Debit Cash for $400,000, credit Bonds Payable for $391,800, and credit Interest Payable for $8,200