Analysis of a single financial number is often of limited value.
Answer the following statement true (T) or false (F)
True
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Stewardship assets are reported as a classification within the property, plant, and equipment section of the federal balance sheet.
Answer the following statement true (T) or false (F)
Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $10,000 of cash sales that are subject to an 10% sales tax, what is the journal entry to record the cash sales?
A. Debit Sales Taxes Payable $1000; debit Cash $9000; credit Sales $10,000. B. Debit Cash $10,000; credit Sales $10,000; and record the taxes when paid. C. Debit Accounts Receivable $11,000; credit Sales $10,000; credit Sales Taxes Payable $1000. D. Debit Cash $10,000; credit Sales $9000; credit Sales Taxes Payable $1000. E. Debit Cash $11,000; credit Sales $10,000; credit Sales Taxes Payable $1000.
Power that does not rely on one’s position in an organization is referred to as ______.
a. hard b. reward c. individualized d. soft
When a firm uses internal auditors, it is adhering to which one of the following internal control elements?
A) Risk assessment B) Monitoring C) Proofs and security measures D) Separating responsibilities for related operations