If a company erroneously records a $50 check received from a customer as $500 in its records, which of the following must occur when reconciling its bank statement?
A) The company must increase the balance per its records by $500.
B) The company must increase the balance per its records by $450.
C) The company must decrease the balance per its records by $500.
D) The company must decrease the balance per its records by $450.
D
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If a company is using accrual basis? accounting, when should it record? revenue?
A) when cash is received, even though services may be performed at a later date B) when services are performed, even though cash may be received at a later date C) when services are performed and cash is received D) when cash is received, 30 days after the completion of the services
When a tariff on imported inputs exceeds the tariff on the finished good,
a. the nominal tariff rate on the finished product would tend to overstate its protective effect. b. the nominal tariff rate on the finished product would tend to understate it's protective effect. c. it is impossible to determine the protective effect of a tariff on the finished product. d. the tariff on the finished good would have significant protective effects.
How should financial information for internal service funds be reported in the government-wide financial statements?
A. As part of business-type activities. B. As part of governmental activities. C. Amounts allocated proportionately between governmental and business-type activities. D. Usually as part of governmental activities, unless the internal service fund predominantly serves one or more enterprise funds.
The key to selling and negotiating is to always seek a win-win situation in which both the buyer and seller are happy.
Answer the following statement true (T) or false (F)