Which of the following recording procedures would result in the highest net income for 2012? 1. Recording purchases at gross amounts 2. Recording purchases at net amounts, with the amount of discounts not taken shown under "other expenses" in the income statement

Which of the following is an important aspect of control over payroll?

A) controls to limit salaries and wages so that they are no higher than competitors B) controls for efficiency in payroll procedures C) controls to screen potential employees for criminal records D) controls to monitor employee behavior, such as use of security cameras

In a manufacturing company, wages and benefits of assembly line workers are period costs

Indicate whether the statement is true or false