A company fails to record one storeroom full of inventory in its year-end inventory records. As a result, this will cause:
a. an overstatement of cost of goods sold for the current year.
b. an overstatement of inventory on the year-end balance sheet.
c. an overstatement of retained earnings at the end of the year.
d. an understatement of gross profit in the following year.
a
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Learning curves can be applied to a variety of purposes internal to a firm, including:
A) labor forecasting. B) scheduling. C) establishing costs. D) establishing budgets. E) all of the above
Answer the following statement(s) true (T) or false (F)
1. Being in business for yourself is personally satisfying and allows more time for recreation and family. 2. The Small Business Administration often provides funding for small businesses through direct loans and low interest rate loans for business start-ups. 3. In order to qualify for a SBA loan guaranty, the small business must only meet the SBA’s criteria of size and ownership. 4. The SBA can guarantee as much as 85 percent of loans up to $150,000 and 75 percent of loans greater than $150,000. 5. SBIC’s provide small business owners assistance and advice.
Simple Mail Transfer Protocol (SMTP) is a common protocol used for sending and retrieving e-mail
a. True b. False Indicate whether the statement is true or false
The Public Interest Principle in the AICPA Code of Professional Conduct recognizes:
A. The importance of maintaining confidentiality B. The importance of loyalty to one's superior C. The importance of integrity in decision making D. The importance of whistleblowing when financial wrongdoing exists