Sophia Pathways Accounting Final Milestone with Answers

Which of the following internal control systems does TAP Technology, Inc. use when it updates its employee handbook to reflect new company policies?  Control environment  Control activity  Monitoring process  Information and communication system CONCEPT Internal Controls and Reconciliations 2 Given the information provided above, what is the gross margin percentage?  79%  71%  73%  83% CONCEPT Merchandising Financial Statement Analysis 3 SOPHIA PATHWAYS ACCOUNTING FINAL MILESTONE WITH QUESTIONS AND ANSWERS When preparing a trial balance worksheet, what step would Tom complete next if he has already prepared a trial balance, adjusted entries and prepared an adjusted trial balance?  Prepare an income statement  Prepare a balance sheet  Close temporary accounts  Make closing entries CONCEPT End of Period Activities 4 Which business below would likely use Specific ID?  A jewelry store  An ice cream shop  An Italian foods market  An office supply store CONCEPT Inventory Cost Flow Assumptions 5 The purpose of the general journal is to show accounting events in their __________ sequence.  ending  chronological  beginning  activ