Which of the following statements concerning US GAAP is true?
A) does not require segment info to be reported in accordance with generally accepted accounting principles.
B) does not require a reconciliation of segment assets to consolidated assets
C) requires geographic area information to be disclosed in interim financial statements
D) requires disclosure of a major customer's identity
Ans: A) does not require segment info to be reported in accordance with generally accepted accounting principles.
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If the customer finds all desired items, brings them to the checkout counter, pays for them, and carries them out, then a normal flow has occurred
Indicate whether the statement is true or false
Deposit slips are usually generated by the B/AR/CR process:
a. at the time invoices are prepared b. by manual procedures c. electronically d. as part of processing cash receipts