If the bank reconciliation includes a deposit in transit, a journal entry is required that includes a debit to cash
Indicate whether the statement is true or false
FALSE
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Advertising is the most important element in business marketing
Indicate whether the statement is true or false
In accounting for bad debts, Accounts Receivable is credited only when (a) good customers have paid; b. a customer who is not going to pay has been identified; c. a non-paying customer's account is reinstated; d. the direct write-off method is used; e. none of these
Which of the following is an example of an intangible product?
A) hamburgers B) computers C) automobiles D) dental care
You are the owner of a small Internet company. You are planning a public offering in 12 months. You ask your accountant to prepare an optimistic business model that shows a greater profitability potential than a conservative estimate would produce. When
the accountant questions your profitability assumptions, you remind him that he has been given 10,000 shares of the company stock at a low price. A public offering would dramatically increase the value of those shares. Discuss the ethical issues faced by the owner and the accountant. How should they be resolved?