What specific internal control procedure would prevent the shipping clerk from taking goods from the storeroom and sending them to someone who had not placed an order?
Shipping clerk should not have access to the storeroom.
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Which of the following statements is not true:
A. Accounts receivable are increased by billings to customers. B. Accounts receivable arise from credit sales. C. Accounts receivable are increased by customer payments. D. Accounts receivable are classified as assets. E. Accounts receivable are held by a seller.
In management's internal control report that is now required of all public companies, which of the following does not have a direct effect on a company's internal control system
A) internal auditors B) independent accountants C) Board of Director's audit committee D) Board of trustees
When performing the bank reconciliation, outstanding checks should be:
a. subtracted from the bank balance. b. subtracted from the book balance. c. added to the bank balance. d. added to the book balance.
Using the information below, calculate the cost of goods manufactured for the period: Beginning Raw Materials Inventory$25,000 Ending Raw Materials Inventory 30,000 Beginning Work in Process Inventory 55,000 Ending Work in Process Inventory 64,000 Beginning Finished Goods Inventory 80,000 Ending Finished Goods Inventory 67,000 Cost of Goods Sold for the period 540,000 Sales Revenues for the period 1,254,000 Operating Expenses for the period 232,000
A. $549,000. B. $536,000. C. $553,000. D. $527,000. E. $525,000.