If the likelihood of a future event is remote, how should the company report the contingency?
What will be an ideal response?
A liability is not recorded and no disclosure is needed. No expense or loss is recorded.
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Explain the purpose of the PCAOB
Answer the following statements true (T) or false (F)
1. In the cash receipts journal, the Other Accounts CR column is used when a transaction involves a credit entry that is not listed in the headings (columns) of the cash receipts journal. 2. Unlike the sales journal, entries in the cash receipts journal are posted monthly to the accounts receivable subsidiary ledger and daily to the general ledger. 3. Cash purchases are recorded in the purchases journal. 4. The purchases journal is a special journal used to record all purchases of merchandise inventory, office supplies, and other assets on account.
When compared to other types of sales presentations, memorized selling is the:
A. most interactive. B. least used in telemarketing. C. least communicated. D. most structured. E. most used in technical sales.
Market maneuvering among industry rivals
A. is usually an industry's strongest driving force. B. is usually one of the two or three weakest competitive forces because of the close familiarity that rivals have for one another's likely next moves. C. determines whether the industry's strategic group map will be static or dynamic. D. centers around collaborative efforts to overcome the bargaining power of powerful suppliers and powerful buyers. E. is ongoing and dynamic, with moves and countermoves of rivals producing a continually evolving competitive landscape that delivers winners and losers.