Violators of the Sarbanes-Oxley Act may be sentenced to prison for making false sworn statements. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Burglar alarms, fire alarms, and security cameras improve internal control. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Under the perpetual inventory system, the journal entry to record the freight paid by the seller on goods sold is: A) Cash XX Sales Discount XX Accounts Receivable XX B) Delivery Expenses XX Cash XX C) Cash XX Accounts Receivable XX D) Merchandise Inventory XX Cash XX ANSWER B
Date: September 2nd, 2020
Under the perpetual inventory system, the journal entries to record sales returns (the original sale was on account) would be: A) Accounts Payable XX Merchandise Inventory XX Merchandise Inventory XX Cost of Goods Sold XX B) Cost of Goods Sold XX Merchandise Inventory XX Merchandise Inventory XX Accounts Payable XX C) Accounts Receivable XX Sales […]
Date: September 2nd, 2020
Rearranging plain-text messages by a mathematical process is known as ________. A) password B) phishing C) encryption D) virus ANSWER C
Date: September 2nd, 2020
The steps of the accounting cycle are followed throughout the accounting period. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Internal control is an organizational plan that ensures that the financial statements are prepared and submitted on time. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
Journalize the following transaction for a merchandiser that uses the perpetual inventory system. Received returned goods from a customer, $1,000 (cost, $740 ). What will be an ideal response ANSWER Sales Returns and Allowances 1,000 Accounts Receivable 1,000 Merchandise Inventory 740 Cost of Goods Sold 740
Date: September 2nd, 2020
The operating cycle is the process by which companies produce their financial statements for a specific period. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
An internal document that helps summarize data for the preparation of financial statements is called a ________. A) journal B) ledger C) worksheet D) chart of accounts ANSWER C
Date: September 2nd, 2020
