1 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 Me...

Test Bank Chapter 8 Valuation of Inventories A Cost-Basis Approach. CHAPTER 8 VALUATION OF INVENTORIES: A COST-BASIS APPROACH IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual                 Description                 T              1.            Work-in-process inventory.                 F              2.            Merchandising and manufacturing inventory...

Law Interest in law. Professional Advising Joy of counselling and giving specialized advice. Author – Journalism Taking pleasure in creative and original writing, writing for a large audience. Academic Achievement Interest in the field of academic acquisitions, particularly oral. Systematic study skills are required. Technical Writing Pleasure of writing in detail factual reports, textbooks, scientific, legal, historical or technical essays. Independence Preference for an environment...

1. What distinguishes a merchandising business from a service business? 2. Can a business earn a gross profit but incur a net loss? Explain. 3. The credit period during which the buyer of merchandise is allowed to pay usually begins with what date? 4. What is the meaning of (a) 1/15, n/60; (b) n/30; (c) n/eom? 5. How are sales to customers using MasterCard and VISA recorded? 6. What is the nature of (a) a credit memo issued by the seller of merchandise, (b) a debit memo issued by the buyer of me...

Chapter 1--Introduction to Accounting and Business Student: ___________________________________________________________________________ 1. The main objective of a not-for-profit business is not to make a profit. True False 2. An example of an external user of accounting information is the federal government. True False 3. A corporation is a business that is legally separate and distinct from its owners. True False 4. About 90% of the businesses in the United States are organiz...

Chapter 6--Accounting for Merchandising Businesses Student: ___________________________________________________________________________ 1. One of the most important differences between a service business and a retail business is in what is sold. True False 2. In a merchandise business, sales minus operating expenses equals net income. True False 3. Cost of merchandise sold is the amount that the merchandising company pays for the merchandise it intends to sell. True False 4. Se...

CHAPTER 8 VALUATION OF INVENTORIES: A COST-BASIS APPROACH IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer No. Description T 1. Work-in-process inventory. F 2. Merchandising and manufacturing inventory accounts. F 3. Perpetual inventory system. F 4. Determining when title passes. T 5. Inventory errors. T 6. Overstatement of purchases and ending inventory. F 7. Period vs. product costs. T 8. Reporting Purchase Discounts Lost. F 9. Cost flow assum...

1. What are the major differences between managerial accounting and financial accounting? 2. a. Differentiate between a department with line responsibility and a department with staff responsibility. b. In an organization that has a Sales Department and a Personnel Department, among others, which of the two departments has (1) line responsibility and (2) staff responsibility? 3. What manufacturing cost term is used to describe the cost of materials that are an integral part of the manufactured ...

1. Differentiate between centralized and decentralized operations. 2. Differentiate between a profit center and an investment center. 3. Weyerhaeuser developed a system that assigns service department expenses to user divisions on the basis of actual services consumed by the division. Here are a number of Weyerhaeuser’s activities in its central Financial Services Department: • Payroll • Accounts payable • Accounts receivable • Database administration—report preparation For each act...

MKT 100 Final Quizes • Question 1 6 out of 6 points Order-getting activities are divided into two categories: • Question 2 6 out of 6 points Developing a list of potential customers is called • Question 3 6 out of 6 points Customer density and distribution are important factors in • Question 4 6 out of 6 points Salespeople receive a set salary plus a commission based on sales with a • Question 5 6 out of 6 points ...