Natural resources are assets that include standing timber, mineral deposits, and oil and gas fields.
Answer the following statement true (T) or false (F)
True
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Explain the rules regarding the accounting periods available to corporate taxpayers.
What will be an ideal response?
Sales minus variable cost of goods sold equals ________ margin
a. absorption b. contribution c. manufacturing d. variable
Qualitative considerations in investment evaluation include ________
a. manufacturing flexibility b. employee morale c. All of these choices. d. product quality
The following procedures were recently implemented at the Health Station, Inc For each procedure, indicate whether the internal control over cash represents (1 ) a strength or (2 ) a weakness. If it is a weakness, please explain why. (a) All mail is
opened by the mail clerk, who forwards all cash remittances to the cashier. The cashier prepares a listing of the cash receipts and forwards a copy of the list to the accounts receivable clerk for recording in the accounts. (b) The accounts payable clerk prepares a voucher for each disbursement. The voucher along with the supporting documentation is forwarded to the treasurer's office for approval. (c) At the end of each day, any deposited cash receipts are placed in the bank's night depository. (d) The bank reconciliation is prepared by the cashier, who works under the supervision of the treasurer.