Which of the following concepts best characterizes the accrual basis of accounting?
a. Conservatism
b. Matching
c. Understandability
d. Going concern
e. Unit of measurement
B
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The text discusses three main categories of audit procedures. List and describe these three main categories of audit procedures and describe their purpose.
What will be an ideal response?
Spotless Naturals manufactures bulk quantities of cleaning fluids. It currently sells 1100 containers a month at a sales price of $20.00 per unit. If a new fragrance is added, $24.00 per unit could be charged for the improved product. It would cost a total of $800 per month to make that alteration. Operating income would ________.
A) decline by $4400 B) increase by $4400 C) increase by $3600 D) decline by $800
A type of RFID system used for inventory tracking is the ______ system.
a. active b. precise c. positive d. responsive
If a contingency is remote, the company does not need to record a liability and does not need to disclose it in the notes to the financial statements
Indicate whether the statement is true or false