To improve accountability for fixed asset retirements, management most likely would implement a system of internal control that includes:
A. a level of authorization above the department initiating the retirement.
B. periodic inspection of insurance policies by the internal auditors.
C. periodic inquiry of plant executives by internal auditors as to whether any plant assets have been retired.
D. continuous analysis of the repairs and maintenance account.
Answer: A
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Brand loyalty is a component of:
A) brand equity. B) brand awareness. C) perceived quality. D) brand associations .
An important criterion for evaluating ________ is how often a retail promotion is run when the channel members receive some kind of deal
A) consumer-oriented promotions B) trade promotions C) the impact of advertising D) public relations
According to the text, wisdom and knowledge are synonyms.
Answer the following statement true (T) or false (F)
A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was $99,000
During the year, Sales Revenue amounted to $73,000, Sales Returns and Allowances were $1,400, Sales Discounts were $3,100, Cost of Goods Sold was $30,000, and all other expenses totaled $16,000. The company declared and paid $25,000 as dividends. The last step in the closing process would include ________. A) a debit to Income Summary for $50,500 B) a credit to Income Summary for $73,000 C) a debit to the Retained Earnings account for $20,500 D) a debit to the Retained Earnings account for $25,000