A company had a gross profit of $312,000 based on sales of $406,000. Its cost of goods sold equals $718,000.
Answer the following statement true (T) or false (F)
False
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Most business buyers reject what is called systems buying from one seller
Indicate whether the statement is true or false
The printer ran out of preprinted sales invoice forms and several sales invoices were not printed. The best internal control to detect this error is
a. a batch total of sales invoices to be prepared compared to the actual number of sales invoices prepared b. sequentially numbered sales invoices c. visual verification that all sales invoices were prepared d. none of the above will detect this error
Provide an example of a leverageable advantage
What will be an ideal response?
The normal balance of revenue accounts is a credit
Indicate whether the statement is true or false