Credit cards are commonly used to pay for items such as clothing, car repairs, or a new car
Indicate whether the statement is true or false.
Answer: FALSE
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Which of the following procedures would ordinarily be expected to best reveal improper cutoff of sales at the balance sheet date?
A. Trace payments received subsequent to the balance sheet date. B. Send accounts receivable confirmation requests. C. Apply gross profit rates to inventory disposed of during the period. D. Compare shipping documents with sales records.
Chow Company sold a car for $18,100. The cost of the car was $37,500 and an accumulated depreciation of $20,400 had been recorded on the same. The entry to record the disposal of the car is:
A) Accumulated Depreciation-Automobile 20,400 Cash 18,100Automobile 37,500Gain on Sale of Automobile 1,000 B) Accumulated Depreciation-Automobile 37,500 Automobile 37,500 C) Accumulated Depreciation-Automobile 20,400 Automobile 20,400 D) Automobile 37,500 Cash 37,500
Which of the following measures would not help managers to control and improve operations?
A) Units produced per time period B) Cost trends of a product C) Yield trends D) Commissions paid per time period
Both act and rule utilitarians focus on verifying whether an act is ethically good or bad
Indicate whether the statement is true or false