Multinational and global organizations must not present a consistent face to their shareholders, customers, and suppliers but instead must operate with a different value system in each country they do business in
a. True
b. False
Indicate whether the statement is true or false
False
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The mailing of disbursement checks and remittance advices should be controlled by the employee who:
A. verified the mathematical accuracy of the vouchers and remittance advices. B. approved the vouchers for payment. C. signed the checks last. D. matched the receiving reports, purchase orders and vendors' invoices.
Which one of the following is an example of sustainable earnings?
a. A gain from corporate restructuring. b. A loss from debt retirement. c. A settlement paid by the company for a class action suit. d. Earnings from repeat customers.
Reversing entries are recorded in response to external transactions that were created in error during the prior accounting period.
Answer the following statement true (T) or false (F)
Victory Company purchases office equipment at the beginning of the year at a cost of $15,000. The machine is depreciated using the straight-line method. The machine's useful life is estimated to be 7 years with a $1,000 salvage value. The book value at the end of 7 years is:
A. $14,000. B. $1,000. C. $0. D. $2,000. E. $2,143.