The B/AR/CR process comprises three different but related processes?namely, billing, accounts receivable, and cash receipts. Which of the following would not be an operations process goal for these three processes?
a. ensure effectiveness of operations
b. ensure AR master data update accuracy
c. ensure efficient employment of resources
d. ensure security of resources
B
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Which of the following items is NOT included in FASB's conceptual framework of accounting theory?
A) qualities of useful accounting information B) fundamental principles and assumptions that guide financial accounting and reporting C) objectives of financial reporting D) All of these choices are included in the conceptual framework
Which of the following would be considered "the nature of a misstatement" that might make it material?
a. Comparing the sum of known and projected misstatements to total current assets. b. Comparing the sum of known and projected misstatements to total current liabilities. c. Comparing the sum of known and projected misstatements to pretax income. d. Having the effect of changing a positive earnings trend to a negative earnings trend.
In a normal cost system, factory overhead is applied to Work in Process using a predetermined overhead rate
Indicate whether the statement is true or false
Discuss briefly the costs of making sales on account.
What will be an ideal response?