The AP/CD process handles the repetitive work routines of:
A. cashier
B. purchasing
C. receiving
D. all of the choices are correct
Answer: A
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Thelma wants to have the highest degree of trust with her subordinates. She should strive to develop ______.
A. calculus-based trust B. personality-based trust C. knowledge-based trust D. identification-based trust
On July 1, 20X8, Pair Logic Corporation acquires 75 percent of Systems Inc. common stock for its underlying book value. At the time of acquisition, the fair value of the noncontrolling interest is equal to its proportionate share of book value of Systems. On January 1, 20X8 Systems reported common stock of $100,000 and retained earnings of $130,000. For the year 20X8, Systems reports the following items: BeforeCombination(January 1 toJune 30)AfterCombination(July 1 toDecember 31)Sales$150,000 $160,000 Cost of Goods Sold 90,000 93,000 Depreciation Expense 20,000 20,000 Other Expenses 15,000 17,000 Net Income 25,000 30,000 Dividends 15,000 18,000 Pair Logic uses the equity method in accounting for this investment.Based on the preceding information, what is the
book value of shares acquired by Pair Logic on July 1, 20X8? A. $230,000 B. $240,000 C. $191,250 D. $180,000
If the auditor believes that financial statements prepared on the entity's income tax basis are not suitably titled, the auditor should:
A. Issue a compilation report. B. Explain in the notes to the financial statements the terminology used. C. Modify the auditor's report to disclose any reservations. D. Issue a disclaimer of opinion.
A successful grocery store would probably have
A) a low inventory turnover. B) a high inventory turnover. C) zero profit margin. D) low volume.