Write 'T' if the statement is true and 'F' if the statement is false. Each carries '2' marks. 1) One of the main element

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Write T If The Statement Is True And F If The Statement Is False Each Carries 2 Marks 1 One Of The Main Element 1 (76.56 KiB) Viewed 38 times

Write 'T' if the statement is true and 'F' if the statement is false. Each carries '2' marks. 1) One of the main elements of the fraud triangle is rationalization. 2) One of the most common types of fraud that impacts the financial statements is the misappropriation of assets. 3) Fraudulent financial reporting is committed by company managers. 4) A budget is a financial plan that helps coordinate business activities. 5) The bank reconciliation can be used to control cash. 6) There are two records of a business's cash-the cash account in the company's general ledger and the bank statement. 7) A company can sell common stock in exchange for assets other than cash. 8) The amount of revenue to be recognized is the cash value of the goods or services transferred from the seller to the buyer. 9) Sales discounts and sales returns and allowances are deducted from gross revenue to determine net revenue. 10) Inventory is an asset and cost of goods sold is an expense. 11) The cost of any plant asset is the sum of all of the costs incurred to bring the asset to its intended use. 12) In the units-of production method, a fixed amount of depreciation is assigned to each unit of output. 13) The straight-line method must be used for computing depreciation for income tax purposes. 14) The Retained Earnings account contains cash for paying dividends to the stockholders 15) If the credit terms are 2/10, n/30, the buyer can get a 2% discount if the invoice is paid within 30 days.