Important control features provided by a voucher system:
A) assure only approved invoices are paid.
B) centralize the recording of all expenditures in one place—the voucher register.
C) include using the check register along with the voucher register.
D) All of these answers are correct.
Answer: D
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All of the following statements are true of the requirements of proxy statements EXCEPT:
A. the proposal cannot exceed 1,000 words. B. a shareholder may submit only one proposal for a particular shareholder meeting. C. stockholders must own $2,000 or more shares for at least one year. D. a proposal should receive no less than 3 percent of vote to be presented at the next shareholder meeting.
Which of the following accounting terms assumes that a business's activities can be divided into small segments and that financial statements can be prepared for specific periods, such as a month, quarter, or year?
A) adjusting entry concept B) economic entity concept C) matching principle D) time period concept