Study guides, Class notes & Summaries

ACC 556 Week 5 Midterm part 1 Last document update:   ago

1. Management may choose any inventory costing method it desires as long as the cost flow assumption chosen is consistent with the physical movement of goods in the company. True False 2. An aging of accounts receivable schedule is based on the premise that the longer the period an account remains unpaid, the greater the probability that it will eventually be collected. True False 3. To obtain maximum benefit from a bank reconciliation, the reconciliation should be prepared by the employee aut...

ACC 556 Week 5 Midterm part 1 Last document update:   ago

1. Management may choose any inventory costing method it desires as long as the cost flow assumption chosen is consistent with the physical movement of goods in the company. True False 2. An aging of accounts receivable schedule is based on the premise that the longer the period an account remains unpaid, the greater the probability that it will eventually be collected. True False 3. To obtain maximum benefit from a bank reconciliation, the reconciliation should be prepared by the employee aut...