Questions from General Accounting

Q: A good system of internal control for cash provides adequate procedures for

A good system of internal control for cash provides adequate procedures for protecting both cash receipts and cash disbursements. Identify each of the following statements as either true or false rega...

Q: Management uses a voucher system to help control and monitor cash disbursements

Management uses a voucher system to help control and monitor cash disbursements. Which of the four documents listed below are prepared as part of a voucher system of control? ______ a. Purchase order...

Q: Describe how costs flow from inventory to cost of goods sold for

Describe how costs flow from inventory to cost of goods sold for the following methods: (a) FIFO and (b) LIFO.

Q: Where is the amount of merchandise inventory disclosed in the financial statements

Where is the amount of merchandise inventory disclosed in the financial statements?

Q: What are the five fundamental principles of accounting information systems?

What are the five fundamental principles of accounting information systems?

Q: If costs are declining, will the LIFO or FIFO method of

If costs are declining, will the LIFO or FIFO method of inventory valuation yield the lower cost of goods sold? Why?

Q: What does the full-disclosure principle prescribe if a company changes

What does the full-disclosure principle prescribe if a company changes from one acceptable accounting method to another?

Q: Can a company change its inventory method each accounting period? Explain

Can a company change its inventory method each accounting period? Explain.

Q: Locate “Note 11” that reports Apple’s segments from its September

Locate “Note 11” that reports Apple’s segments from its September 28, 2013, annual report on its website (Apple.com). Compute the ratio “Operating income/Net sales” for each segment. Comment on the re...

Q: Does the accounting concept of consistency preclude any changes from one accounting

Does the accounting concept of consistency preclude any changes from one accounting method to another?