Specifying control goals is the first step in preparing a control ...

[maegan_martin]

Specifying control goals is the first step in preparing a control matrix.
  Indicate whether the statement is true or false

Question 2

Mighty Ducks, Inc.'s inventory activity in October 2011 was as follows:
 
  Inventory, October 1 11 units  8 each
  Purchase, October 12 22 units  11 each
  Sale, October 25 23 units  24 each
 
  Which of the following shows the correct effect on the accounting equation of the October 25 sale on account using the perpetual FIFO method of accounting for inventory?
 
  A) Assets Liabilities Shareholders' equity
   (220) Inventory 552 Accounts payable 552 Sales
  (220) Cost of goods sold
 
  B) Assets Liabilities Shareholders' equity
   552 Accounts receivable
  (250) Inventory No effect 552 Sales
  (250) Cost of goods sold
 
  C) Assets Liabilities Shareholders' equity
   552 Accounts receivable
  (220) Inventory No effect 552 Sales
  (220) Cost of goods sold
 
  D) Assets Liabilities Shareholders' equity
   (230) Inventory 552 Accounts payable 552 Sales
  (230) Cost of goods sold

[dudman123]

Answer to Question 1

T

Answer to Question 2

C

[maegan_martin]

YES! Correct, THANKS for helping me on my review

[isabelt_18]

Thanks for the timely response, appreciate it