TRUE OR FALSE. If the statement is INCORRECT, explain why the statement is INCORRECT. 1. Company policies related to cash are guidelines by which the staff should be guided and protected against misuse of cash of the company. 2. The cash reported in the Balance Sheet should not be restricted. 3. Under CIF, the seller agrees to pay in lump sum or installment, the cost of the goods, insurance and freight charges. 4. Perpetual inventory system is a system where the company maintains a stock card that shows the running balance of the stock at any time. 5. The approved purchased orders are normally issued to the seller.
TRUE OR FALSE. If the statement is INCORRECT, explain why the statement is INCORRECT. 1. Company policies related to cash are guidelines by which the staff should be guided and protected against misuse of cash of the company. 2. The cash reported in the Balance Sheet should not be restricted. 3. Under CIF, the seller agrees to pay in lump sum or installment, the cost of the goods, insurance and freight charges. 4. Perpetual inventory system is a system where the company maintains a stock card that shows the running balance of the stock at any time. 5. The approved purchased orders are normally issued to the seller.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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TRUE OR FALSE. If the statement is INCORRECT, explain why the statement is INCORRECT.
1. Company policies related to cash are guidelines by which the staff should be guided and protected against misuse of cash of the company.
2. The cash reported in the
3. Under CIF, the seller agrees to pay in lump sum or installment, the cost of the goods, insurance and freight charges.
4. Perpetual inventory system is a system where the company maintains a stock card that shows the running balance of the stock at any time.
5. The approved purchased orders are normally issued to the seller.
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