Which of the following audit procedures is best for identifying unrecorded trade accounts payable?
A. Reviewing cash disbursements recorded subsequent to the balance sheet date to determine whether the related payable applies to the prior period.
B. Investigating payables recorded just prior to and just subsequent to the balance sheet date to determine whether they are supported by receiving reports.
C. Examining unusual relationships between monthly accounts payable balances and recorded cash payments.
D. Reconciling vendors' statements to the file of receiving reports to identify items received just prior to the balance sheet date.
A. Reviewing cash disbursements recorded subsequent to the balance sheet date to determine whether the related payable applies to the prior period.
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Bright Minds Toy Company prepared the following sales budget for the second quarter. Projected sales for each of the first three months of operations are as follows:Sales BudgetApril May June Cash sales30,000 43,000 55,000 Sales of account370,000 432,000 405,000 400,000 475,000 460,000 Bright Minds expects to collect 70% of the sales on account in the month of sale, and 20% in the month following the sale, and the remainder in the second month following the sale.What is the ending accounts receivable balance that would be reported on the pro forma balance sheet prepared as of June 30?
A. $86,400 B. $283,500 C. $121,500 D. $164,700
When Gary Hirshberg started the Stonyfield Farm yogurt company, he stated that his company could do better with less advertising, less marketing research, and more guerrilla marketing
He came up with innovative marketing ideas to promote his products such as having sales personnel dress up as large yogurt cartons to distribute free yogurt samples. Which of the following marketing strategies was being implemented by Hirshberg? A) formulated marketing B) entrepreneurial marketing C) ambush marketing D) undercover marketing E) intrepreneurial marketing
Banquets & Parties (B&P) contracts to buy 1,000 uninflated balloons from Gas Bags, Inc, for $1 per item. When the market price decreases to 50 cents per balloon, B&P refuses to go through with the deal. Gas Bags can recover A)?$1,500
B)?$1,000. C)?$500. D)?$0.
The Limited Partnership Act of 2001
A. assumes that all limited partnerships are limited liability limited partnerships. B. does not permit limited liability limited partnerships. C. provides for an easy election to form either a limited partnership or a limited liability limited partnership. D. does not provide for the limited liability of general partners.