A comprehensive chart of accounts and a review of complex or unusual transactions by supervisory personnel are control procedures necessary for proper classification of accounts
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
Using a consultative customer-oriented sales approach leads to lower firm profitability and loss of customer base.
Answer the following statement true (T) or false (F)
With a limited work force and a desire to maintain strong internal control, which combination of duties performed by a single individual presents the least risk exposure?
a. maintaining the inventory ledger and recording the inventory journal voucher in the general ledger b. recording the inventory journal voucher in the general ledger and maintaining custody of inventory c. maintaining the cash disbursements journal and recording direct labor costs applied to specific jobs d. preparing the accounts payable journal voucher and recording it in the general ledger
A tenancy for years terminates automatically, without notice, on the expiration of the stated term
Indicate whether the statement is true or false
Match the following terms to their definitions.
a) Liabilities. Choose... i) The difference between total assets and total liabilities ii) Sum of creditors, accrued liabilities and tax owed iii) The value of the company'’s worth iv) The amount a company owes to other entities b) Owners’ equity. Choose... i) The difference between total assets and total liabilities ii) Sum of creditors, accrued liabilities and tax owed iii) The value of the company’s worth iv) The amount a company owes to other entities c) Assets. Choose... i) The difference between total assets and total liabilities ii) Sum of creditors, accrued liabilities and tax owed iii) The value of the company’s worth iv) The amount a company owes to other entities d) Current liabilities. Choose... i) The difference between total assets and total liabilities ii) Sum of creditors, accrued liabilities and tax owed iii) The value of the company’s worth iv) The amount a company owes to other entities