Accounts payable (A/P) confirmations are generally used less frequently than accounts receivable confirmations since
A) other procedures such as the search for unrecorded liabilities are generally very effective
B) A/P confirmations generally have lower response rates than account receivables confirmations
C) A/P confirmations do not address the existence assertion
D) A/P confirmations do not address specific audit assertions
A) other procedures such as the search for unrecorded liabilities are generally very effective
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Altec Designs makes fashion clothing and reports the following data for the month of September
Salaries paid to seamstresses $140,000 Wages paid to fabric cutters 20,000 Indirect wages 5,000 What is the journal entry to record the total labor charges incurred during September? A) Work-in-Process Inventory 160,000 Manufacturing Overhead 5,000 Wages Payable 165,000 B) Work-in-Process Inventory 165,000 Wages Payable 165,000 C) Wages Payable 165,000 Finished Goods Inventory 145,000 Work-in-Process Inventory 20,000 D) Manufacturing Overhead 165,000 Wages Payable 165,000
In general, the greater the distance between the product source and the target market, the greater the time delay for delivery and the lower the transportation cost
Indicate whether the statement is true or false