Extended E-R model 1:N relationships are called identifying connection relationships in IDEF1X
Indicate whether the statement is true or false
FALSE
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The accuracy, valuation, and allocation assertion for prepaid insurance:
A. is best tested as part of the testing of property and equipment purchasing. B. is best tested exclusively by sending confirmations to vendors. C. is best tested by recomputing the unexpired portion of insurance policies in effect. D. is never tested because amounts always are immaterial.
1. $7,000 of merchandise inventory was ordered on September 2, 2009 2. $3,000 of this merchandise was received on September 5, 2009 3. On September 6, 2009, an invoice dated September 4, 2009, with terms of 3/10, net 30 for $3,250 which included a $250 prepaid freight cost, was received. 4. On September 10, 2009, $800 of the merchandise was returned to the seller. Based on the above information,
what would be recorded as purchases discount if the invoice is paid within the discount period? A) $73.50 B) $90.00 C) $210.00 D) $66.00
The balance in a bond discount account should be reported on the balance sheet as a deduction from the related bonds payable
Indicate whether the statement is true or false
Judgment-proof means that the creditor:
A) Will likely be able to collect. B) Has won many lawsuits. C) May not collect. D) Is a good litigator.