_______________ is the deliberate misuse of the employer’s assets for the employee’s
personal gain.
An investing company that owns _________ of another (investee) company’s voting
stock (but not more than 50%) is presumed to have a significant influence over the
investee.
A bond with a par value of less than $1,000 is called a ______________ bond.
_____________________________ requires that each transaction affect, and be
recorded in, at least two accounts. It also means that total amounts debited must equal
total amounts credited for each transaction.
Explain the effects of inventory valuation methods on the cost of ending inventory,
income, and income taxes.
List the four goals of an internal control system.
A ______________________ accounting system records production activities using a
periodic inventory system. A ____________________ accounting system records
production activities using a perpetual inventory system.
A company uses the periodic inventory system, and the following information is
available. All purchases and sales are on credit.
1) Prepare the general journal entries to record:
The October 6 purchase.
The October 12 sale.
2) Assuming the periodic inventory system is used, determine both the cost of the
ending inventory and the cost of goods sold using the LIFO method for October.
The ______________ refers to the steps in preparing financial statements for users.