What type of inventory function is used to satisfy unforeseen demand?
a. Anticipation
b. Safety stocks
c. Hedge
d. Transportation
b. Safety stocks
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Which one of the following documents is used in the control of cash disbursements?
a. Income Statement b. Bank deposit slips c. Receiving reports d. Cash register tapes
According to COSO which of the following is not a component of internal control?
A. Control activities. B. Control environment. C. Monitoring. D. Control risk.
Which of the following formulas represents cost of goods sold for a merchandising business?
A) Beginning Merchandise Inventory - Ending Merchandise Inventory = Cost of Goods Sold B) Purchases and Freight In - Ending Merchandise Inventory = Cost of Goods Sold C) Ending Merchandise Inventory + Purchases and Freight In - Beginning Merchandise Inventory = Cost of Goods Sold D) Beginning Merchandise Inventory + Purchases and Freight In - Ending Merchandise Inventory = Cost of Goods Sold
The Fair Labor Standards act does not limit the number of hours that an employee may work in a workweek or workday, as long as the employee is paid appropriate overtime
a. True b. False Indicate whether the statement is true or false