Intangible items such as airline trips, financial advice, or telephone service that an organization provides to consumers are referred to as
A. benefits.
B. goods.
C. production goods.
D. services.
E. support products.
Answer: D
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The AP application matches invoices, quantities, prices and terms when it performs the control plan:
a. independent validation of vendor invoices b. match invoice, purchase order, and receiving report c. independent authorization to make payment d. reconcile input and output batch totals
The balance sheet begins with a list of assets and then lists liabilities and shareholders' equity
Indicate whether the statement is true or false
Jersey Corporation has a process costing system in which it uses the weighted-average method. The equivalent units for conversion costs for the month were 47,500 units. The beginning work in process inventory consisted of 15,000 units, 60% complete with respect to conversion costs. The ending work in process inventory consisted of 10,000 units, 75% complete with respect to conversion costs. The number of units started during the month was:
A. 40,000 units B. 35,000 units C. 25,000 units D. 34,000 units
Taking a physical count of inventory
A) is not necessary when a periodic inventory system is used B) is a detective control C) has no internal control relevance D) is not necessary when a perpetual inventory system is used