The bonding of employees is an example of which feature of a good system of internal control?
A) Authorization of transactions
B) Sound personnel policies
C) Separation of duties
D) Limited access to assets
B
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If an indorsement contains the signature of the indorser along with the words indicating to whom, or to whose order, the instrument is payable, it can be termed as a ________ indorsement.
A. restrictive B. blank C. qualified D. special
Answer the following statements true (T) or false (F)
1) Internal control is an organizational plan that ensures that the financial statements are prepared and submitted on time. 2) Controlling operations is a key responsibility of a business manager. 3) It is important for a business to identify policies which ensure that all customers are treated similarly and that results can be measured effectively. 4) Promoting operational efficiency reduces expenses and business profits. 5) If a company does not protect its assets, it is throwing away resources.
[The following information applies to the questions displayed below.] The inventory records for Radford Co. reflected the following:Beginning inventory @ May 1100 units @ $4.00First purchase @ May 7300 units @ $4.40Second purchase @ May 17500 units @ $4.60Third purchase @ May 23100 units @ $4.80Sales @ May 31900 units @ $7.80What is the amount of cost of goods sold assuming the LIFO cost flow method?
A. $3,600 B. $2,360 C. $4,320 D. $4,100
List three of the most typical organizational plans for presentations