Answer the following statements true (T) or false (F)
1. Sun owns a chain of car washes and is thinking of also opening some restaurants. If she does, this would be an example of unrelated diversification.
2. A company in a single line of business cannot conduct a business portfolio analysis.
3. Functional departments of a company must develop internal strategies for achieving the mission and objectives.
4. One of the main functions for the finance strategy is keeping records of transactions, developing budgets, and reporting financial results.
1. True
2. True
3. True
4. True
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Which one of the following procedures is not part of preparing a bank reconciliation of a checking account
a. Tracing deposits listed on the bank statement to the books to identify deposits in transit b. Arranging canceled checks in numerical order and tracing them to the books to identify outstanding checks c. Identifying items added on the bank statement which have not been recorded as cash receipts by the company d. Preparing adjustments to reverse the transactions recorded for checks that are still outstanding
Under IFRS, assets and liabilities appear in the statement of financial position in order of decreasing closeness-to-cash
Indicate whether the statement is true or false
Most data on the characteristics of residents of specific trading areas are primary data
Indicate whether the statement is true or false
The delivery of the seller's documents and draft to the nominated bank will constitute a complying presentation if:
a. the delivery of the documents is made within the time allowed and before the letter of credit expires. b. the goods shipped are of the quality described in the invoice. c. no discrepancies exist. d. Both a and c