Internal control includes monitoring of controls.
Answer the following statement true (T) or false (F)
True
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Franklin Company's bank reconciliation as of August 31 is shown below. Bank balance $14,237 Book balance $13,162 + Deposit in transit 4,500 Bank service fees -50 - Outstanding checks -3,900 Note collected 1,725 Adjusted bank balance $14,837 Adjusted book balance $14,837 The adjusting journal entries that Clayborn must record as a result of the bank reconciliation include:
A. Debit Cash $4,500; credit Sales $4,500. B. Debit Misc. Expense $3,900; credit Cash $3,900. C. Debit Cash $1,725; credit Notes Receivable $1,725. D. Debit Notes Receivable $1,725; credit Cash $1,725. E. Debit Cash $50; credit Bank Service Fee Expense $50.
The budgeted direct materials purchases is normally computed as the sum of (1 ) the materials for production and (2 ) the desired ending inventory
Indicate whether the statement is true or false
Which of the following should be deducted from net income in calculating net cash flow from operating activities using the indirect method?
A) a decrease in inventory B) a decrease in accounts payable C) preferred dividends declared and paid D) a decrease in accounts receivable
When deciding whether to grant credit, a creditor may not consider the applicant's
a. sex. b. income. c. credit history. d. requested amount of credit.