An income statement lists assets, liabilities, and shareholders' equity.
Indicate whether the statement is true or false
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Q. 2) Establishing a viable internal control system is the responsibility of _____________________________
_.
Fill in the blank(s) with correct word
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Q. 3) Acme Enterprise sold 150 of merchandise to a customer for cash. The sales tax was 7. How much sales revenue did Acme earn?
A) 10.50
B) 160.50
C) 150.00
D) 139.50
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Q. 4) The Federal Insurance Contributions Act requires employers to withhold FICA taxes from employees' earnings.
a. True
b. False
Indicate whether the statement is true or false
(
Q. 5) Clean Sweep agreed to clean an office building on a weekly basis for 1,000 per week. The contract began on August 15, and Clean Sweep cleaned the building twice during August.
Clean Sweep received 2,000 cash in September for the cleaning performed in August. How much revenue should Clean Sweep recognize in August using accrual accounting?
What will be an ideal response?
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Q. 6) A consignor who has goods out on consignment with an agent should include the goods in ending inventory eventhough they are notin the possession of the consignor.
a. True
b. False
Indicate whether the statement is true or false
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