Under the modified cash basis of accounting, accounts receivable are not entered in the accounting system
Indicate whether the statement is true or false
T
You might also like to view...
Beckenworth had cost of goods sold of $11,221 million, ending inventory of $3889 million, and average inventory of $2145 million. Its days' sales in inventory equals: (Use 365 days a year.)
A. 56.4. B. 69.8 days. C. 56.7. D. 126.5 days. E. 0.3.
Which of the following best describes the return on impressions model?
a. Demonstrates how many 'opportunities to see' for the target audience were generated by the social media tactics. b. Tracks coverage across media and in different markets against sales over time. c. Relies upon survey data to assess the effectiveness of social media marketing. d. Measures effective resource utilization. e. Captures how effective a company is at using capital to generate profits.
Match each of the following transactions with the applicable internal control principle that is being violated.A. Establish responsibilityB. Maintain adequate recordsC. Insure assets and bond employeesD. Separate recordkeeping from custody of assetsE. Divide responsibility for related transactionsF. Apply technological controlsG. Perform regular and independent reviews_____ 1. Cashiers have access to the cash register recorded tape or file._____ 2. A company uses a voucher system, but the cash disbursement clerk pays directly from invoices received._____ 3. Only sales clerks use the cash register, but they all share the same cash drawer._____ 4. The bookkeeper prepares and signs checks and completes the bank reconciliation._____ 5. A restaurant allows servers to keep cash collected in
their aprons and ring in all sales at the end of the night._____ 6. A company fails to hire a CPA to perform an annual audit._____ 7. A company does not bond its key cash-handling employees._____ 8. A company has a single department that handles purchasing, receiving, and inventory management._____ 9. A company fails to have financial records tested and evaluated for the effectiveness of internal control._____ 10. A company manager keeps pre-signed checks in his desk drawer for employees to hand write when the accountant is out of the office. What will be an ideal response?
Provide three rules for identifying if a process is out of control, in addition to a single point being outside of the control limits