Which of the following is a preventive control?
a. credit check before approving a sale on account
b. bank reconciliation
c. physical inventory count
d. comparing the accounts receivable subsidiary ledger to the control account
A
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Entries requiring more than one debit and/or more than one credit are called
a. compound entries; b. dual entries; c. combination entries; d. double entries; e. complex entries
Which of the following is an application of accrual accounting?
a. Depreciating a building as quickly as allowed by income tax regulations b. Recording utilities expense in the accounting period covered by the monthly bill c. Expensing a machine in its entirety when purchased d. Recording revenue at the time payment is received
Niche marketing involves tailoring brands and promotions to the needs and wants of local customer groups—cities, neighborhoods, and even specific stores
Indicate whether the statement is true or false
A trial balance is useful because it indicates that
a. owners' equity is correct. b. net income is correct. c. all entries were made correctly. d. total debits equal total credits.