If a promise is illusory, there is no mutuality of obligation
Indicate whether the statement is true or false
True
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In an open-item system, accounts receivable records consist of a customer's current balance due, past-due balance, and the finance charges and payments related to the account
Indicate whether the statement is true or false
An unmodified audit opinion rendered on a government unit's basic financial statements means those statements:
A. Have been certified as free from error. B. Present the entity's financial position fairly in conformity with GAAP. C. Did not require modifications by the auditor. D. All of these choices are correct.
Which of the following represents the correct journal entry to record a taxable cash sale of $400 if the sales tax rate is 5%?
A. A debit to cash for $420, a credit to sales tax payable for $20, and a credit to sales revenue for $400. B. A debit to cash for $420, a debit to sales tax expense for $20, and a credit to sales revenue for $400. C. A debit to cash for $400, a credit to sales tax payable for $20, and a credit to sales revenue for $380. D. None of these answer choices are correct.
Describe the five steps in the personal financial planning process
What will be an ideal response?