Answer the following statements true (T) or false (F)
1. Cash is one of the least vulnerable assets that a business has.
2. The cash register provides control over the cash receipts for a retail business.
3. Cash receipts should never be deposited more than once a business day.
4. Separation of duties is essential for internal control over cash receipts and cash payments.
5. Streamlined payment procedures now involve the use of electronic data interchange and electronic funds transfer between and among suppliers and merchandisers.
1. FALSE
2. TRUE
3. FALSE
4. TRUE
5. TRUE
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In preparing closing entries, which of the following columns of the work sheet are the most helpful?
a. Adjustments columns b. Income Statement columns c. Adjusted Trial Balance columns d. Balance Sheet columns
Not all connectors meet all of the criteria necessary to be categorized as citizen marketers
Indicate whether the statement is true or false
The return on investment (ROI):
a. measures the return to both common and preferred shareholders. b. indicates how well the company utilizes its asset base. c. measures return on long-term liabilities. d. is also called the return on total equity.
In a limited partnership, a limited partner is personally liable to the partnership's creditors
a. True b. False Indicate whether the statement is true or false