Which of the following accounts belongs in the liability section of a balance sheet?
A) interest expense B) preferred stock
C) accumulated depreciation D) accounts payable
D
Business
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Which of the following illustrates the internal control procedure—separation of duties?
A) Cashiers must not have access to accounting records. B) External auditors will monitor internal controls. C) Electronic devices must be installed to reduce theft. D) The invoices and other documents must be pre-numbered.
Business
The maximum price the client expects to pay a contractor regardless of cost overruns in a project best defines
A) target price. B) celling price. C) maximum price. D) nonnegotiable price.
Business