Why is the audit trail necessary?
The audit trail is needed for several reasons: to provide the ability to answer inquiries from customers and suppliers, to reconstruct files if lost, to provide historical data to auditors, to satisfy government regulations, and for error control.
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Juniper Company uses a perpetual inventory system and the gross method of accounting for purchases. The company purchased $9,750 of merchandise on August 7 with terms 1/10, n/30. On August 11, it returned $1,500 worth of merchandise. On August 16, it paid the full amount due. The amount of the cash paid on August 16 equals:
A. $8,250.00. B. $8,152.50. C. $9,652.50. D. $8,167.50. E. $9,750.00.
A ________ is a restrictive provision in a bond indenture, providing for the systematic retirement of the bonds prior to their maturity
A) redemption clause B) sinking-fund requirement C) conversion feature D) subordination clause
To promote productive collective bargaining, Congress provided for certain activities to be protected under the National Labor Relations Act. Protected activities are:
a. covered activities b. compromise activities c. cautionary activities d. concerted activities e. creative activities
When your home PC is on a network, it is a host
Indicate whether the statement is true or false.