Periodic and perpetual are examples of inventory costing systems
Indicate whether the statement is true or false
T
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The fraud triangle includes incentive, opportunity and an attitude to rationalize the fraud.
Answer the following statement true (T) or false (F)
FOB shipping point means that the seller incurs the shipping costs
Indicate whether the statement is true or false
The general ledger account for Accounts Receivable shows a debit balance of $25,000 . Allowance for Uncollectible Accounts has a credit balance of $1,500 . Net sales for the year were $250,000 . In the past, 3 percent of sales have proved uncollectible, and an aging of accounts receivable resulted in an estimate of $10,000 of uncollectible accounts receivable. Using the accounts receivable aging
method, the Allowance for Uncollectible Accounts balance (after adjustment) would be a. $11,500. b. $10,000. c. $8,500. d. $10,750.
What is the difference between verification and validation?
What will be an ideal response?