When financial statements are accompanied by the report of an independent auditor, users have the assurance that the statements have been prepared in conformity with accounting and financial reporting standards established by authoritative bodies, and that all material facts have been disclosed.
Answer the following statement true (T) or false (F)
True
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Which of these issues has NOT been addressed in an amendment to the U.S. Constitution?
A. universal health care B. slavery C. the federal income tax D. giving women the right to vote
Spencer Co. decides to establish a petty cash fund with a beginning balance of $200. The company decides that any purchase under $25 can be processed through petty cash instead of the voucher system. The journal entry to record establishing the account is:
A. Debit Cash $200 and credit Cash Over and Short $200. B. Debit Petty Cash $200; credit Cash $175; and credit Cash Over and Short $25. C. Debit Cash $200 and credit Petty Cash Over and Short $200. D. Debit Petty Cash $200 and credit Cash $200. E. Debit Cash $200 and credit Petty Cash $200.
A company's strategic options for remedying cost disadvantages in internally performed value chain activities do not include
A. switching to activity-based costing. B. revamping its value chain to eliminate or bypass some cost-producing activities (particularly low value-added activities). C. investing in productivity-enhancing, cost-saving technological improvements. D. outsourcing the performance of high-cost activities to vendors that can perform them more cheaply. E. implementing the use of best practices, particularly for high-cost activities.
In the movie Field of Dreams, one of the memorable phrases is, "If you build it, he will come." The AIDA model would suggest that after marketers "build" a product or service and create awareness among consumers, they need to
A. offer discounts to increase purchase intentions. B. promote sufficiently to gain global attention. C. determine the level of desire needed to sustain action. D. take steps to encourage immediate purchase. E. create interest among consumers, persuading them to investigate further.