Achievement tests measure an applicant's ability to learn
Indicate whether the statement is true or false.
F
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With liability fraud, which of the following is most likely to occur?
a. Liabilities will be overstated b. Balances in general that relate to this fraud will tend to be low c. Items will be expensed rather than capitalized d. Net income will be understated
In a process cost system, the cost attributable to abnormal losses that occur due to unexpected circumstances such as machine operator error should be assigned to:
a. Ending work in process inventory. b. Cost of goods manufactured and ending work in process inventory in the ratio of units worked on during the period to units remaining in work in process inventory. c. A separate loss account in order to highlight production inefficiencies d. Cost of good manufactured (transferred out)
Instead of depositing an "on them" check for collection, a depositor can physically submit the check for payment at the payer bank. This is called ________
A) provisional credit B) indorsement of the check C) presentment across the counter D) final settlement
Sharon Foods, Inc. reported the following transactions for September 2017
a) The business received $22,000 cash and issued common stock. It was credited to Common Stock b) The business purchased office equipment for $9,000 for which $2,500 cash was paid and the balance was put on a note payable. c) Paid insurance expense of $1,500 cash. d) Paid the September utility bill for $900 cash. e) Paid $1,500 cash for September rent. f) The business had sales of $11,000 in September. Of these sales, 60% were cash sales, and the balance was credit sales. g) The business paid $8,000 cash for office furniture. What are the total liabilities at the end of September, 2017? A) $11,000 B) $1,500 C) $6,500 D) $9,000