A check that has been modified without authorization and thus modifies the legal obligation of a party is known as a(n) ________
A) stale check
B) incomplete check
C) altered check
D) forged check
C
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Most businesses rarely increase sales by extending credit to customers
Indicate whether the statement is true or false
Usually specific authorization is required for all of the following except
a. sales on account which exceed the credit limit b. sales of goods at the list price c. a cash refund for goods returned without a receipt d. write off of an uncollectible account receivable
Hebert & Co CPA's anticipates that partners will bill 1,00 . professional hours, managers will bill 7,500 professional hours and staff accountants will bill 25,00 . professional hours. Billing rates are $250, $150 and $75 for partners, managers and staff accountants, respectively, and salary rates are $100 . $60 and $30 for partners, managers and staff accountants, respectively. What is Hebert &
Co's budgeted professional labor cost? a. $3,500,000 b. $2,070,000 c. $2,500,000 d. $1,300,000
Costs are subdivided into what two major functional categories?
A) production and non-production B) selling and administrative C) prime and conversion D) opportunity and direct