To Determine That Sales Are Accurately Recorded, the Unit Prices

question 23

Multiple Choice

To determine that sales are accurately recorded, the unit prices on the duplicate sales invoices are normally compared with

• A) the original invoices.
• B) an approved master price list.
• C) the amounts recorded in the sales journal for that transaction.
• D) the amounts posted to the customer's account in the accounts receivable master file.

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Definitions:

Clayton Act

A U.S. antitrust law aimed at increasing economic competition and preventing anti-competitive practices in their incipiency.

Interlocking Directorates

The practice where members of the board of directors of one company serve on the boards of one or more other companies.

Price Discrimination

A strategy in pricing where the same or nearly identical products or services are offered at varying prices by the same vendor across various markets.

Sherman Antitrust Act

A landmark federal statute in the United States passed in 1890 that prohibits certain business activities that federal government regulators deem to be anti-competitive.