« previous next »

Author Question: Assume ABC sells two items and uses the FIFO method of inventory valuation. What amount would appear ... (Read 61 times)

cnetterville

  • Hero Member
  • *****
  • Posts: 547
on: Jul 6, 2018
Assume ABC sells two items and uses the FIFO method of inventory valuation. What amount would appear in ending inventory on the balance sheet?
 
  a. 22
  b. 46
  c. 45
  d. 31

Question 2

Which of the following represents good internal control procedures concerning cash payments?
 a. Allow anyone to access petty cash.
   b. Make sure that all cash payments are made by check (with the exception of petty cash).
   c. Assign an employee responsibility of preparing the checks, signing the checks, and preparing the bank reconciliation.
   d. Keep check supplies available to all employees.


juiceman1987

  • Sr. Member
  • ****
  • Posts: 316
Reply #1 on: Jul 6, 2018
Answer to Question 1

b

Answer to Question 2

b


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

cnetterville

  • Hero Member
  • *****
  • Posts: 547
Reply #2 on: Jul 6, 2018
Correct answers!


juiceman1987

  • Sr. Member
  • ****
  • Posts: 316
Reply #3 on: Jul 6, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

Patients who have been on total parenteral nutrition for more than a few days may need to have foods gradually reintroduced to give the digestive tract time to start working again.

Did you know?

Your skin wrinkles if you stay in the bathtub a long time because the outermost layer of skin (which consists of dead keratin) swells when it absorbs water. It is tightly attached to the skin below it, so it compensates for the increased area by wrinkling. This happens to the hands and feet because they have the thickest layer of dead keratin cells.

Did you know?

Certain rare plants containing cyanide include apricot pits and a type of potato called cassava. Fortunately, only chronic or massive ingestion of any of these plants can lead to serious poisoning.

Did you know?

The National Institutes of Health have supported research into acupuncture. This has shown that acupuncture significantly reduced pain associated with osteoarthritis of the knee, when used as a complement to conventional therapies.

Did you know?

Cutaneous mucormycosis is a rare fungal infection that has been fatal in at least 29% of cases, and in as many as 83% of cases, depending on the patient's health prior to infection. It has occurred often after natural disasters such as tornados, and early treatment is essential.

Inhibition as a primary method of succession in the marine intertidal zone. Inhibition as a primary method of succession in the marine intertidal zone.
Because of the high physical activity and the amount of energy expended by the brains of 2- to ... Because of the high physical activity and the amount of energy expended by the brains of 2- to ...
Find the final amount if the initial amount is 400 units. Find the final amount if the initial amount is 400 units.
Performing Venipuncture Using the Vacutainer Method Performing Venipuncture Using the Vacutainer Method
Performing Venipuncture Using the Vacutainer Method Performing Venipuncture Using the Vacutainer Method
Patients with celiac disease must maintain a gluten-free diet. Many gluten-free items are widely ... Patients with celiac disease must maintain a gluten-free diet. Many gluten-free items are widely ...
Video: Heart Chambers

For a complete list of videos, visit our video library