Inventory process controls to protect inventory assets include:
a. warehouse bin location
b. periodic physical inventory counts
c. internal transfer procedures
d. Just-in-time materials acquisition
B
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Park, Inc purchased merchandise from Jay Zee Music Company on June 5, 2015 . The goods were shipped the same day. The merchandise's selling price was $15,000 . The credit terms were 1/10, n/30 . The shipping terms were FOB shipping point. Park received the merchandise on June 10, 2015 . Park paid the amount due on June 13, 2015. Park uses a perpetual inventory system. When will the cost of
merchandise sold be recorded as an expense? a. The date the merchandise was purchased b. The date the merchandise is sold c. The end of the accounting period d. Cannot be determined without further information
The amount of cash that could have been paid for an asset on the date of purchase is called
a. trade-in value; b. materiality; c. cost; d. cash equivalent price; e. salvage value
Which of the following is a responsibility of the PCAOB?
a. To set financial reporting standards for public companies. b. To set financial reporting standards for private companies. c. To set audit standards for public companies. d. To set audit standards for private companies.
Answer the following statements true (T) or false (F)
Sappers are types of self-talk that reduce energy, self-confidence, and happiness.