What specific internal control procedure would prevent an accounts receivable clerk from issuing a fictitious credit memo to a customer (who is also a relative) for goods that were "supposedly" returned from previous sales?
credit memo should be authorized after verifying the return of goods based on evidence from the person who received the goods
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Harriet, Mickey, and Zack decide to liquidate their partnership. All assets are sold and the liabilities are paid. Following these transactions, the capital balances and profit and loss percentages are as follows: Harriet, $27,000 and 30%; Mickey, $(12,000) and 40%; Zack, $43,000 and 30%. Mickey is unable to contribute any assets to reduce the deficit. How much cash will Harriet receive as a
result of the partnership liquidation? a. $27,000 b. $21,000 c. $23,400 d. $15,000
Shareholders of Augusta Corporation have received $35,000 in dividends in the current year. At year end the corporation has total assets of $500,000, total liabilities equal to $300,000, and contributed capital totaling $100,000 . If retained earnings at the beginning of the year was $80,000, what was Augusta's net income for the current year?
a. $80,000 b. $215,000 c. $55,000 d. $10,000 e. $45,000
While all of these can initiate standard setting procedures, the major source of Occupational Safety and Health Administration (OSHA) standards is
A. the employer. B. National Institute for Occupational Safety and Health (NIOSH). C. the secretary of HHS. D. state governments.
Firms with global appeal can run global advertising campaigns and simply translate the wording in the advertisements and product labeling.
Answer the following statement true (T) or false (F)