Question: TRUE OR FALSE 1.One application of internal control when taking a physical count of inventory is the use of pre-numbered inventory tickets. 2. Purchase allowances

TRUE OR FALSE

1.One application of internal control when taking a physical count of inventory is the use of pre-numbered inventory tickets.

2. Purchase allowances refer to merchandise a buyer acquires but then returns to the seller.

3. Gross profit is also called gross margin.

4. A retailer buys products from manufacturers and sells them to wholesalers

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