A schedule of accounts payable proves that the sum of the accounts payable ledger balances equals the Accounts Payable balance in the general ledger
Indicate whether the statement is true or false
T
You might also like to view...
Calculate the advertising elasticity if a company has a 1.3% change in sales and a 5.2% change in ad expenses
A) 0.25 B) 0.52 C) 0.4 D) 4.0 E) 6.5
Answer the following statements true (T) or false (F)
On the statement of cash flows, the direct method starts with accrual income and adjusts it for the non-cash items it contains.
Bert had his driver's license suspended by the state department of transportation. He believes his constitutional due process rights were violated by the administrative agency. Can he immediately file a court action to have agency's actions reviewed?
a. Yes. A court has the jurisdiction to immediately review an agency's alleged unconstitutional action. b. Yes. Bert must specifically allege his constitutional rights have been violated and file a court action in federal court - not a state court. c. No. Bert must first exhaust all possible appeals within the agency itself before he seeks judicial review by a court. d. No. A court of law does not have jurisdiction to review an administrative agency's actions.
The guidelines for accounting information are called Generally Accepted Accounting Principles (GAAP)
Indicate whether the statement is true or false