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a.In a perpetual inventory system, each purchase and sale of merchandise is recorded in the inventory account .
True
false
b.With terms 2/15, n/30 a buyer would have 10 days to take a purchase discount.
True
False
c.The Sales Tax Expense account is debited for any sale of merchandise that involves the collection of sales tax
True
False
d.An alternative to the multiple-step income statement is the single-step income statement.
True
False
e.In a period of rising costs, the LIFO inventory method would give us the highest cost of goods sold.
True
False
f.The weighted average cost method of inventory will always give an inventory balance that is between the LIFO and FIFO amounts.
True
False
g.The overall attitude of management and employees about the importance of control is known as the internal environment.
True
False
h.Part of internal control over cash is using a bank account
True
False
i.The Sarbanes-Oxley Act applies to all companies that sell goods and merchandise to the public.
True
False
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