Preparing a bank reconciliation on a monthly basis is an example of:
A. Establishing responsibility.
B. Protecting assets by proving the accuracy of cash records.
C. A technological control.
D. Separation of duties.
E. Poor internal control.
Answer: B
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The portion of whole units that were completed with respect to either materials or conversion costs within a given accounting period is the definition of
A) units started and completed. B) equivalent units. C) conversion costs. D) ending work in process.
Which method will result in the same cost of goods sold amount whether it is computed using the periodic inventory system or the perpetual inventory system?
A. FIFO B. LIFO C. Weighted average cost D. None of the above because periodic and perpetual inventory systems always produce different amounts.
Bartleby owes $5,000 to Countryside Credit Union. As a prejudgment remedy to collect the debt, Countryside could use
A. attachment. B. contribution. C. execution. D. subrogation.
A serious crime is a:
a. bankruptcy b. misdemeanor c. stare decisis d. tort e. none of the other choices are correct