An assignment for the benefit of creditors requires the creditors' consent
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False
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An auditor is reviewing sales cutoff as of March 31, 2019. All sales are shipped FOB destination and the company records sales three days after shipment. The auditor notes the following transactions:DateShipped MonthRecorded Selling Price(000's) Cost(000's)March 28 March $192 $200 March 29 March 44 40 March 30 April 77 81 April 2 March 208 220 April 5 April 92 84 If the entity records the required adjustments, the net effect on income (in thousands of dollars) for the period ended March 31, 2019 is
A. a decrease of 12. B. a decrease of 8. C. an increase of 12. D. an increase of 8.
How does online marketing provide flexibility for sellers?
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An accounting issue for accounts receivable is the timing of recognition of the reduction in income caused by the uncollectibility of some accounts. With regard to timing, both U.S. GAAP and IFRS require that a seller recognize an expense for estimated uncollectible accounts receivable in the _____
a. period when it recognizes the accounts receivable is uncollectable b. period after it recognizes the related revenue c. same period when it recognizes the related revenue d. period before it recognizes the related revenue e. period after it recognizes the accounts receivable is uncollectable
Local administrative agencies are agencies created by cities, municipalities, and counties to administer local regulatory law
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