Which of the following controls is not a typical internal control over fixed assets?
a. Reconcile physical inventory with the property ledger.
b. Periodically reassess the appropriateness of depletion categories.
c. Identify obsolete or scrapped equipment and write it down to scrap value.
d. Periodically review management strategy and systematically assess the impairment of assets.
b
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Only the grantor of a trust can change the terms of an irrevocable trust
Indicate whether the statement is true or false.
Large retailers such as J.C.Penney's and Target are most likely to participate in which of the following channels?
A. Producer, industrial distributors, retailers, consumers B. Producer, consumers C. Producer, wholesalers, retailers, consumers D. Producer, retailers, consumers E. Producer, agents, wholesalers, retailers, consumers
There are situational influences that cannot be controlled.
Answer the following statement true (T) or false (F)
If a check correctly written and paid by the bank for $272 is incorrectly recorded in the company's books for $227, how should this error be treated on the bank reconciliation?
A. Subtract $45 from the book balance. B. Add $45 to the book balance. C. Subtract $45 from the bank's balance and add $45 to the book's balance. D. Subtract $45 from the bank's balance. E. Add $45 to the bank's balance.