Answer the following statements true (T) or false (F)
1) Ending inventory equals the cost of goods available for sale less beginning inventory.
2) Companies determine the number of units on hand from perpetual inventory records backed up by a physical count.
3) Each inventory costing method matches the flow of inventory costs in a business and is used to determine ending inventory and cost of goods sold.
4) The specific identification method of inventory costing is required to be used by businesses that sell unique, easily identified inventory items.
5) The specific identification method of inventory requires businesses to keep detailed records of inventory sales and purchases and to also be able to carefully identify the inventory that is sold.
1. FALSE
2. TRUE
3. FALSE
4. FALSE
5. TRUE
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A) cloner B) imitator C) counterfeiter D) adapter E) innovator
Merchandising companies do not need as good a system of internal control as service companies
Indicate whether the statement is true or false
Project ________ involves justifying whether an opportunity is attractive in the marketplace; project ________ involves evaluating the strategic and economic impact of a new venture.
A. definition; impetus B. impetus; definition C. development; focus D. reward; development
Sam wants to sell his Golden Retriever to Jordan. Sam tells Jordan that the dog is three years old and that he will point, back, and retrieve. Although the dog is three years old and will point at birds, he will not back (honor another dog's point) or retrieve. Jordan relies on these statements and purchases the bird dog. The buyer has most probably been a victim of:
A) duress. B) undue influence. C) fraud in the inducement. D) fraud in the execution.