The Internal Revenue Service is responsible for issuing accounting standards for state and local governments

Indicate whether the statement is true or false


False

Business

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The bond department shows gross sales of $179,000 and cost of goods sold of $46,000 . What is the gross profit of the bond department?

a. $154,000 b. $133,000 c. 67.2% d. 32.8%

Business

The accounts receivable clerk destroys all invoices for sales made to members of her family and does not record the sale in the accounts receivable subsidiary ledger. Which procedure will not detect this fraud?

a. prenumber and sequence check all invoices b. reconcile the accounts receivable control to the accounts receivable subsidiary ledger c. prepare monthly customer statements d. reconcile total sales on account to the debits in the accounts receivable subsidiary ledger

Business

Our ______ are the standards by which we judge what is right or wrong.

a. values b. beliefs c. attitudes d. ethics

Business

________ firewalls filter traffic passing between different parts of a site's network

A) Border B) Internal C) Intermediate D) None of the above

Business