In a good internal control system, which of the following sets of documents is required for proper approval of a payment to a supplier?
A) a journal entry, a supplier invoice, and a description of the goods being purchased
B) a receiving report, an invoice, and a purchase order
C) a purchase order, a journal entry, and a price catalog
D) a supplier invoice, a bill of lading, and the supplier's financial statements
B) a receiving report, an invoice, and a purchase order
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Martha is a 40 percent partner in the MMM Partnership, with an outside basis of $50,000. MMM distributes $40,000 cash and accrual-basis accounts receivable with a basis and fair market value of $20,000. Martha does not recognize gain or loss on the distribution and takes a basis in the cash of $40,000 and a basis in the receivables of $10,000.
Answer the following statement true (T) or false (F)
When a contract contains an uncertain, variable amount of consideration, GAAP requires that a company only recognizes total consideration as if the uncertainty does not exist
Indicate whether the statement is true or false
To ensure covered workers will receive their accrued benefits even if they get fired, ERISA created the Pension Benefit Guaranty Corporation.
Answer the following statement true (T) or false (F)
Describe the structure of a payoff table
What will be an ideal response?