Which of the following accounts is not classified as a cost of goods sold account?
a. Purchases
b. Merchandise Inventory
c. Purchases Discounts
d. Freight-In
e. Purchases Returns and Allowances
b
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When companies are setting prices in different countries, the problem with setting a market-based price in each country is that ________
A) it allows intermediaries in low-price countries to reship their products to high-price countries B) the company would earn the same profits everywhere, regardless of the cost structure C) this strategy might price the product out of the market in countries where costs are high D) this strategy would make the price too high in poor countries and not high enough in rich countries E) it prevents the company from differentiating its products
A company's property records revealed the following information about one of its plant assets: CostSalvage ValuePurchase DateEstimated LifeDepreciation Method$450,000$30,00010/017 yearsStraight-lineCalculate the depreciation expense for the asset in Year 1 and Year 2 for the year ended December 31.Year 1________ Year 2 ________
What will be an ideal response?
In determining where to allocate the advertising budget, the first choice should be the _______________________.
a. Budget size b. Target Audience c. Competitors d. Product
Answer the following statements true (T) or false (F)
1. Over 90% of frauds are discovered by external or internal auditors. 2. An economic motive for fraud is the need for money. 3. Lack of integrity is the most important factor affecting the risk of management fraud. 4. An organization's risk control frameworks are not very useful to auditors for assessing risks at the company level and for auditing controls over financial reporting.