Negotiations has been rising in popularity in recent years as a method of dispute resolution
a. True
b. False
Indicate whether the statement is true or false
True
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The following set of items describes activities completed by a company in purchasing and paying for merchandise. For each activity, identify whether or not the activity adheres to or violates sound internal control procedures. Although the department supervisor can indicate a preferred supplier or vendor on purchase requisitions, the purchasing department has the responsibility for making the
final decision on a vendor. a. Adheres to sound internal control procedures b. Violates sound internal control procedures c. Neither strengthens nor violates internal control
The entry to reverse the adjusting entry for accrued payroll taxes expense includes
A. a credit to Social Security Tax Payable and a credit to Medicare Tax Payable. B. a debit to Employee Income Tax Payable. C. a debit to Social Security Tax Payable and a debit to Medicare Tax Payable. D. a debit to Payroll Taxes Expense.
All of the following are benefits of new product development to a firm except
A. creating diversification and reducing risk. B. avoiding market saturation from products that have been on the market for a long time. C. reducing the costs of production. D. keeping up in a market with short product life cycles where sales come mostly from new products. E. satisfying the changing needs of current and new customers.
Flamingo, Inc has the following budgeted figures
Jan Feb Mar April Sales $50,200 $67,000 $84,000 $95,000 Cost of goods sold 60% of sales Required ending inventory $10,000 + 25% of next month's sales Inventory on hand on Jan 1 $27,500 Calculate cost of goods sold for the month of February. A) $16,750 B) $30,120 C) $29,370 D) $40,200