A ________ inventory system updates the accounting record for inventory only at the end of an accounting period.
Fill in the blank(s) with the appropriate word(s).
periodic
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Which of the following expenses is an example of expense recognition under the immediate recognition principle?
A) sales commissions B) depreciation C) management salaries D) transportation-out
When you ask a friend how she is, she responds by saying, “I’m fine,” but you can tell by her expression and her tone that she is not fine. This part of the listening process is called ______.
a. interpreting b. responding c. hearing d. understanding
At which point is supervision most critical in the cash receipts system?
a. accounts receivable b. general ledger c. mail room d. cash receipts
Which of the following is NOT a fraud symptom related to internal control weaknesses?
a. Lack of segregation of duties b. Lack of physical safeguards c. Inadequate accounting system d. Lack of proper authorization e. Excessive turnover of executives