Which of the following activities is not associated with the sales and collection business process?
A. Billing customers.
B. Maintaining vendor records.
C. Recording customer payments.
D. Selling products and services.
Answer: B
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The four principal types of fraud include all of the following except
a. bribery b. gratuities c. conflict of interest d. economic extortion
A _____ patent application permits inventors to use the term patent pending.
A. nonprovisional B. provisional C. formal D. utility E. plant
Which of the following is a substantive procedure in the audit of estimates made by auditor?
A) Recalculating the mathematical estimate. B) Scanning for evidence of review by senior management. C) Observing whether estimates are prepared by qualified personnel. D) Ensuring estimates are recorded in the right accounts.
Watson Corporation is considering buying a machine for $25,000. Its estimated useful life is 5 years, with no salvage value. Watson anticipates annual net income after taxes of $1,500 from the new machine. What is the accounting rate of return assuming that Watson uses straight-line depreciation and that income is earned uniformly throughout each year?
A) 6.0%. B) 8.0%. C) 8.5%. D) 10.0%. E) 12.0%.