ACP AUDITING - RISK BASED APPROACH
10th Edition
ISBN: 9780357195079
Author: JOHNSTONE
Publisher: CENGAGE C
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Hems worth Electronics company has a beginning finished goods inventory of $24,500, raw material purchases of $35,600, cost of goods manufactured of $42,800, and an ending finished goods inventory of$27,300. The cost of goods sold for this company is?
Which of the following is an example of an accrual accounting principle?a) Revenue is recognized when cash is receivedb) Revenue is recognized when it is earned, not when cash is receivedc) Expenses are recognized when paidd) Revenue and expenses are recorded only at year-end
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