________ is a point along a chain of events caused by a negligent party after which this party is no longer legally responsible for the consequences of his or her actions
A) Causation in fact
B) Point of reason
C) Point of appropriation
D) Proximate cause
D
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When customer payments are received, the mailroom clerk sends the checks to the cash receipts clerk and the remittance advices to the AR clerk
Indicate whether the statement is true or false
Which of the following is true of bankruptcy/divorce fraud?
a. It involves only criminal proceedings b. It is growing at an alarming rate c. The main motivation is to keep assets from being taken d. Both a and c e. Both b and c f. All of the above
A 20 percent change in net sales will result in a 20 percent change in net income
Indicate whether the statement is true or false
When a company exchanges machinery and receives a trade-in allowance less than the book value, this transaction would be recorded with the following entry:
A) debit Machinery and Accumulated Depreciation; credit Machinery and Cash B) debit Cash and Machinery; credit Accumulated Depreciation C) debit Cash and Machinery; credit Accumulated Depreciation and Machinery D) debit Machinery, Accumulated Depreciation, and Loss on Disposal; credit Machinery and Cash