Which of the following would be added to the balance per books on a bank reconciliation?
a. Deposits in transit
b. Outstanding checks
c. Service charges
d. Notes collected by the bank
D
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Which of the following is true about invigilation?
a. The strict controls imposed are temporary in nature. b. During the period of invigilation, evidence is presented to suspects with the hopes of getting a confession. c. When invigilation is conducted, it is best to cover all aspects of the business. d. Invigilation should be accomplished in 5-7 days.
Using the following year-end information for Calvin's Clothing, calculate the current ratio and acid-test ratio for the business: Cash$53,150?Short-term investments 10,000?Accounts receivable 50,000?Inventory 190,000?Prepaid expenses 6660?Accounts payable 104,000?Other current payables 30,700?
A. 0.43 and 1.19 B. 2.30 and 0.84 C. 2.74 and 1.19 D. 1.30 and 0.84 E. 1.30 and 1.00
When used for performance evaluation, periodic internal reports based on a responsibility accounting system should not
a. be related to the organization chart. b. include allocated fixed overhead. c. include variances between actual and budgeted controllable costs. d. distinguish between controllable and noncontrollable costs.
Exit champions are often reluctant to gather hard data about a venture because it might kill the project.
Answer the following statement true (T) or false (F)