Questions from General Accounting

Q: What general procedures are applied in accounting for the acquisition and potential

What general procedures are applied in accounting for the acquisition and potential cost allocation of intangible assets?

Q: When a general journal entry is used to record sales returns,

When a general journal entry is used to record sales returns, the credit of the entry must be posted twice. Does this cause the trial balance to be out of balance? Explain.

Q: List the seven broad principles of internal control.

List the seven broad principles of internal control.

Q: Apple’s statement of cash flows in Appendix A describes changes in cash

Apple’s statement of cash flows in Appendix A describes changes in cash and cash equivalents for the year ended September 28, 2013. What total amount is provided (used) by investing...

Q: Internal control procedures are important in every business, but at what

Internal control procedures are important in every business, but at what stage in the development of a business do they become especially critical?

Q: Why should responsibility for related transactions be divided among different departments or

Why should responsibility for related transactions be divided among different departments or individuals?

Q: Why should the person who keeps the records of an asset not

Why should the person who keeps the records of an asset not be the person responsible for its custody?

Q: When a store purchases merchandise, why are individual departments not allowed

When a store purchases merchandise, why are individual departments not allowed to directly deal with suppliers?

Q: What are the limitations of internal controls?

What are the limitations of internal controls?

Q: Which of the following assets—inventory, building, accounts receivable

Which of the following assets—inventory, building, accounts receivable, or cash—is most liquid? Which is least liquid?