A check outstanding for two consecutive months will appear only on the first month's bank reconciliation.
a. True
b. False
Indicate whether the statement is true or false
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Q. 2) GAAP for inventory costs ________.
A) allow two cost flow assumptions: FIFO and LIFO
B) require companies to report the same net income regardless of which inventory cost flow assumption is used. This is called the income conformity rule
C) allow for only one inventory cost flow assumption to enhance comparability
D) allow for more than two inventory cost flow assumptions
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Q. 3) Which of the following statements related to denial of service attacks is false?
a. Insurance is available to offset the losses suffered by denial of service attacks.
b. A denial of service attack is designed to overwhelm a Web site, making it incapable of performing normal functions.
c. Web sites can employ filters to sense multiple messages from a single site.
d. The most effective attacks originate from a small cluster of computers in a remote geographic region.
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Q. 4) Brooke's Bikes sold 11,235 worth of mountain bikes to customers using bank credit cards during October. The banks charge a credit card fee of 4 of sales. What is the amount of cash Brooke's Bikes should collect for October credit card sales?
A) 449.40
B) 10,785.60
C) 11,235
D) 11,684.40
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Q. 5) Employer payroll taxes may be deposited either through the Electronic Federal Tax Payment System or by using ____________________.
Fill in the blank(s) with correct word
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Q. 6) On January 1, 2010, We Haul, Inc. bought a 48,000 truck, which has no residual value and an expected life of 6 years. How much accumulated depreciation should the company report at December 31, 2012?
A) 8,000
B) 16,000
C) 24,000
D) 40,000
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