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The ______________ of an asset should not have access to the accounting records of
that asset.
Answer:
Shellhammer Company's inventory records show the following data for the month of
September:
A physical inventory on September 30 shows 200 units on hand. Calculate the value of
ending inventory and cost of goods sold if the company uses LIFO inventory costing
and a periodic inventory system.
Answer:
A payroll tax expense which is borne entirely by the employer is the federal
_______________ tax.
Answer:
Match the items below by entering the appropriate code letter in the space provided.
1> Segregation of duties.
2> One to whom a check is payable.
3> Two or more employees circumventing prescribed procedures.
4> Prevent a transaction from being recorded more than once.
5> Checks which have been returned by the maker's bank for lack of funds.
6> Checks which have been paid by the depositor's bank.
7> Indicates those people authorized to sign checks.
8> Anything that a bank will accept for deposit.
9> Mechanical and electronic control devices.
10> One who issues a check.
11> Insurance protection against misappropriation of assets.
12> An extensive network of approvals by authorized individuals.
13> Document indicating the purpose of a petty cash expenditure.
14> Issued checks that have not been paid by the bank.
15> Highly liquid investments.
Answer:
The entire group of accounts and their balances maintained by a company is called the
________________.
Answer:
