The percentage-of-sales technique is an effective method for a new company to estimate asset requirements because asset-to-liabilities ratios tend to be relatively constant within an industry.
Answer the following statement true (T) or false (F)
False
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Short-term noninterest-bearing notes receivable are usually recorded at their
A) present value. B) net realizable value. C) principal value. D) maturity value.
Audit standards of proper documentation Discuss the audit standards that must be applied to the auditor's documentation. Give five examples the types of documentation will be found in the audit work papers
Which of the following is true with regard to personal selling?
A) Personal selling entails personal presentations by a firm's sales force for the purpose of making sales and building customer relationships. B) Personal selling involves making personal requests to potential buyers to enter into short-term business relationships with firms. C) Personal selling distances the buyer from the seller and does not focus on building enduring relationships. D) An outside sales force is not involved in personal selling. E) Personal selling is a relatively new profession.
Which of the following accounts should not be included in the calculation of the quick (or acid-test) ratio?
A) Accounts payable B) Accounts receivable C) Cash D) Inventory