Recent Question

CHAPTER 8 FRAUD, INTERNAL CONTROL, AND CASH COMPUTER S 230 CHAPTER 8 PART 11 EXERCISES Ex. 180 Match each of the following principles of internal control with the appropriate description below. A. Establishment of responsibility B. Segregation of duties C. Documentation procedures D. Physical controls E. Independent internal verification F. Human resource controls _____ 1. Involves the review, comparison, and reconciliation of data prepar ...

Other / Other 27 Oct 2016

Business A 654 CHAPTER 5 PART 13 CHAPTER 5 ACCOUNTING FOR MERCHANDISING OPERATIONS COMPLETION STATEMENTS 227. A ________________ buys and sells goods rather than performing services to earn a profit. 228. Cost of goods sold is deducted from net sales revenue for the period in order to arrive at ________________. 229. Inventory on hand can be obtained from detailed inventory records when a ________________ inventory system is m ...

Other / Other 27 Oct 2016

COMPUTER S 230 CHAPTER 8 PART 1 CHAPTER 8 FRAUD, INTERNAL CONTROL, AND CASH CHAPTER LEARNING OBJECTIVES 1. Define fraud and internal control 2. Identify the principles of internal control. 3. Explain the applications of internal control principles to cash receipts. 4. Explain the applications of internal control principles to cash disbursements. 5. Describe the operation of a petty cash fund. 6. Indicate the control features of a ...

Other / Other 27 Oct 2016

Business A 654 CHAPTER 5 PART 14 CHAPTER 5 ACCOUNTING FOR MERCHANDISING OPERATIONS SHORT-ANSWER ESSAY QUESTIONS S-A E 238 A merchandiser frequently has a need to use contra accounts related to the sale of goods. Identify the contra accounts that have normal debit balances and explain why they are not considered expenses. S-A E 239 Distinguish between FOB shipping point and FOB destination. Identify the freight terms that will re ...

Other / Other 27 Oct 2016

COMPUTER S 230 CHAPTER 8 PART 2 CHAPTER 8 FRAUD, INTERNAL CONTROL, AND CASH TRUE-FALSE STATEMENTS 1. Internal control is mainly concerned with the amount of authority a supervisor exercises over a subordinate. 2. A highly automated computerized system of accounting eliminates the need for internal control. 3. The safeguarding of assets is an objective of a company's system of internal control. 4. Management is respon ...

Other / Other 27 Oct 2016

Business A 654 CHAPTER 5 PART 12 CHAPTER 5 ACCOUNTING FOR MERCHANDISING OPERATIONS EXERCISES Ex. 202 For each of the following, determine the missing amounts. Sales Cost of Gross Operating Net Revenue Goods Sold _Profit Expenses Income 1. $100,000 ________ _______ $30,000 $12,000 2. ________ $135,000 $125,000 _______ $80,000 Ex. 203 On October 1, Benji’s Bicycle Store had an inventory of 20 ten speed bicycles at a cos ...

Other / Other 27 Oct 2016

Business A 654 CHAPTER 5 PART 10 CHAPTER 5 ACCOUNTING FOR MERCHANDISING OPERATIONS a161. Which of the following accounts has a normal credit balance? a. Purchases b. Sales Returns and Allowances c. Freight-In d. Purchase Discounts a162. The respective normal account balances of Purchases, Purchase Discounts, and Freight-in are a. credit, credit, debit. b. debit, credit, credit. c. debit, credit, debit. d. debit, debit, debit. ...

Other / Other 27 Oct 2016

Business A 654 CHAPTER 5 PART 6 CHAPTER 5 ACCOUNTING FOR MERCHANDISING OPERATIONS 81. The collection of a $1,500 account after the 2 percent discount period will result in a a. debit to Cash for $1,470. b. debit to Accounts Receivable for $1,500. c. debit to Cash for $1,500. d. debit to Sales Discounts for $30. 82. The collection of a $1,000 account after the 2 percent discount period will result in a a. debit to Cash for $980. b ...

Other / Other 27 Oct 2016

Business A 654 CHAPTER 5 PART 7 CHAPTER 5 ACCOUNTING FOR MERCHANDISING OPERATIONS 101. Carter Company sells merchandise on account for $4,000 to Hannah Company with credit terms of 2/10, n/30. Hannah Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Carter Company make upon receipt of the check? a. Cash 3,400 Accounts Receivable 3,400 b. Cash 3 ...

Other / Other 27 Oct 2016

Business A 654 CHAPTER 5 PART 9 CHAPTER 5 ACCOUNTING FOR MERCHANDISING OPERATIONS 141. Dawson’s Fashions sold merchandise for $40,000 cash during the month of July. Returns that month totaled $1,000. If the company’s gross profit rate is 40%, Murray’s will report monthly net sales revenue and cost of goods sold of a. $39,000 and $23,400. b. $39,000 and $24,000. c. $40,000 and $23,400. d. $40,000 and $24,000. ...

Other / Other 27 Oct 2016