When using an ABC inventory, A items are those 75 percent of the items that make up 5 to 10
percent of the total cost.
Indicate whether the statement is true or false
FALSE
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The payroll taxes imposed on the employer are debited to Sales and Wages Expense
Indicate whether the statement is true or false
Some systems professionals have unrestricted access to the organization's programs and data
Indicate whether the statement is true or false
A principal's intent to ratify a contract:
A. may be inferred from the principal's failure to repudiate an unauthorized contract after becoming aware of it. B. may be inferred by a court from the fact that the agent accepted the benefits of an unauthorized contract. C. can only be inferred by the agent's actions. D. may not be implied by his acts or failure to act.
Which of the following statements about personal financial statements is true?
a. Estimated sales commissions should not be considered in determining current values. b. In arriving at valuations for equity securities, the size of the holdings should not be considered in arriving at current values. c. Tax liability is estimated on the difference between the stated amounts and tax basis amounts of reported assets and liabilities. d. Current values can be used for assets and liabilities only when historical cost cannot be determined.