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Indicate whether the statement is true or false

TRUE

Business

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During the process of confirming receivables as of December 31, Year 1, a positive confirmation was returned indicating the "balance owe as of December 31 was paid on January 9, Year 2" The auditor would most likely

a. Determine whether any changes in the account occurred between January 1 and January 9, Year 2. b. Determine whether a customary trade discount was taken by the customer c. Reconfirm the zero balance as of January 10, Year 2 d. Verify that the amount was received

Business

A land contract would be useful in which of the following situation?

A. When money is available and the buyer has good credit . B. When the buyer can qualify for conventional financing. C. In a tight money market when it is difficult to qualify the buyer for conventional financing. D. The seller needs all cash at closing

Business