Author Question: Control of inventory should begin as soon as the inventory is received. Which of the following ... (Read 66 times)

luvbio · **on:** Jul 5, 2018

Control of inventory should begin as soon as the inventory is received. Which of the following internal control stepsis notdone to meet this goal?
a. check the invoice to the receiving report
b. check the invoice to the purchase order
c. check the invoice with the person who specifically purchased the item
d. check the invoice extensions and totals

Question 2

The Allowance for uncollectible accounts ________.

A) is subtracted from Sales to calculate Net sales on the income statement
B) is always equal to Bad debts expense for the year
C) is subtracted from Accounts receivable to calculate Net realizable value of accounts receivable
D) is subtracted from Cash on the balance sheet