An advantage of a sole proprietorship is that a business is very easy to form and dissolve because there is virtually no separation between the founder and the business.
Answer the following statement true (T) or false (F)
True
An advantage of a sole proprietorship is that the business is very easy to form and dissolve because there is virtually no separation between the founder and the business.
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A company using the percentage of sales method for estimating bad debts has sales of $350,000 and estimates that 1.0% of its sales are uncollectible. The unadjusted balance in Allowance for Doubtful Accounts is a $300 credit. The estimated amount of bad debts expense is $3,200
Answer the following statement true (T) or false (F)
The role of the accountant/internal auditor in the conceptual design phase of the Systems Development Life Cycle includes all of the following except
a. the accountant is responsible for designing the physical system b. the accountant is responsible to ensure that audit trails are preserved c. the internal auditor is responsible to confirm that embedded audit modules are included in the conceptual design d. the accountant is responsible to make sure that the accounting conventions that apply to the module are considered by the system designers
The primary action during a configuration review is to:
A) Develop a breakdown of the project to the necessary level of definition. B) Identify the specifications of the components of the breakdown and of the total project. C) Meet with all the project stakeholders to agree to the current project definition. D) Change the specifications last obtained by a process change control to match what people think it should be.
If commercial paper is made payable to whoever has possession of it, it is called order paper
Indicate whether the statement is true or false