Discuss the reasons why someone would wish to steal your identity
What will be an ideal response?
Answer: To obtain money, goods, and services and also to create a new identity unknown to authorities to facilitate criminal activities.
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The ending merchandise inventory for the current year is overstated by $28,000. What effect will this error have on the following year's net income?
A) The net income will be overstated by $56,000. B) The net income will be overstated by $28,000. C) The net income will be understated by $28,000. D) The net income will be understated by $56,000.
When estimating the firm's end-of-month cash balance the owner should first:
A) determine the cash balance at the beginning of the month. B) add up total cash receipts and subtract cash on hand. C) review the accounts receivable. D) make a daily list of cash disbursements.