1. (TCO 3) Related buying activities include _________ 

ordering, receiving, and paying.

ordering, selling, and paying.

ordering, shipping, and billing.

selling, shipping, and paying.

 

2. (TCO 3) Ron Jones has been a trusted employee for over 10 years. He is responsible for ordering merchandise inventory, receiving the inventory items, and authorizing the payment for these items. Which internal control principle, if any, is being violated? 

None, Ron has proven to be trustworthy and has enough experience to do a good job.

Documentation procedures

Establishment of responsibilities

Segregation of duties

 

3. (TCO 3) For which of the following errors should the appropriate amount be subtracted from the balance per bank on a bank reconciliation? 

Check for $43 recorded as $34

Deposit of $500 recorded by bank as $50

A returned $200 check recorded by bank as $20

Check for $35 recorded as $53

 

4) The standards and rules that are recognized as a general guide for financial reporting are called __________. 

standards of financial reporting 

generally accepted accounting principles 

 operating guidelines 

 generally accepted accounting standards 

 

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