__________ liability is the imposition of liability on one party for the wrongs of another
a. Vicarious
b. Validity
c. Relator
d. Absolute
a
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Most companies today are trying to increase the order-to-payment cycle
Indicate whether the statement is true or false
Which internal control is not an important part of the payroll system?
a. Supervisors verify the accuracy of employee time cards. b. Paychecks are distributed by an independent paymaster. c. Accounts payable verifies the accuracy of the payroll register before transferring payroll funds to the general checking accounting. d. General ledger reconciles the labor distribution summary and the payroll disbursement voucher.
Advertising expense would be an administrative expense
Indicate whether the statement is true or false
During 20x4, all sales and purchases at Virginia Corporation were on credit. At December 31, 20x4, Virginia Corporation shipped goods to the New York Corporation but failed to record the sale. As a result, before making any corrections to the accounting records
a. Accounts receivable was understated, inventory was overstated, sales were understated, and cost of goods sold was understated. b. Accounts receivable was understated, inventory was understated, sales were understated, and cost of goods sold was understated. c. Accounts receivable was overstated, inventory was understated, sales were overstated, and cost of goods sold was overstated. d. Accounts receivable was overstated, inventory was overstated, sales were overstated, and cost of goods sold was overstated. e. Accounts receivable was overstated, inventory was overstated, sales were understated, and cost of goods sold was overstated.