A disadvantage of the formula sales presentation is that its format often prevents information from being logically presented.
Answer the following statement true (T) or false (F)
False
The formula sales method ensures that all information is presented logically. The method obtains its name from the salesperson using the attention, interest, desire, and action (AIDA) procedure of developing and giving the sales presentation.
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The relevance of audit evidence or specific audit procedures depends on the assertion being tested.
Answer the following statement true (T) or false (F)
There is no income tax imposed on a partnership
Indicate whether the statement is true or false
A corporation issued 5,000 shares of its no par common stock that was assigned a $1 stated value per share. The issue price was $10 per share. The entry to record this transaction would be:
A. Debit Treasury Stock $50,000; credit Cash $50,000. B. Debit Common Stock $25,000; debit Paid-in Capital in Excess of Par Value, Common Stock $5,000; credit Common Stock $45,000. C. Debit Cash $50,000; credit Common Stock $50,000. D. Debit Cash $50,000; credit Paid-in Capital in Excess of Stated Value, Common Stock $45,000; credit Common Stock $5,000. E. Debit Common Stock $50,000; credit Cash $50,000.
Dyan executes her will to give "to my nephew Esau my stock in Fargo, Inc." Later, Dyan writes separately, with the same formalities required for a will, to leave the stock to her niece Ginny and cash to Esau. This writing
A. does not affect the will's gift of the stock to Esau. B. requires a gift of the stock in equal shares to Esau and Ginny. C. revokes the whole will, which must be redrafted. D. revokes the will's gift of the stock to Esau.