ACC 492 Week 1 Individual Assignment Multiple Choice
Click Below URL to Purchase Homeworkhttp://www.homeworkbasket.com/ACC-492/ACC-492-Week-1-Individual-Assignment-Multiple-ChoiceACC 492 Week 1 Individual Assignment Multiple ChoicePost your answers to the Multiple Choice Questions in the Assignments folder.Be prepared to take a quiz on topics covered in the assigned readings for Week one.
1. Which of the following accounts in a merchandising company is affected by both the revenue cycle and another cyclea. sales
b. sales returns and allowances
c. inventory
d. accounts receivable
e. accounts payable2. The audit objective, “The accounts receivable balance represents gross claims on customers and agrees with the sum of the accounts receivable subsidiary ledger” is derived from the assertion of:
a. existence or occurrence
b. completeness
c. rights and obligations
d. valuation or allocation
e. presentation or disclosure3. All sales, cash receipts, and sales adjustments are accurately valued using GAAP and correctly journalized, summarized and posted are transaction objectives for:
a. occurrence
b. completeness
c. accuracy
d. cutoff
e. classification4. Disclosure objectives includes all of the following except:
a. occurrence and rights and obligations
b. cutoff
c. completeness
d. classification and understandability
e. accuracy and valuation5. The bonding of employees will normally be expected to:
a. “weed out” dishonest employees already hired
b. eliminate the need for separation of duties in the cash receipts area
c. guarantee that all employee fraud will be prevented
d. provide reasonable assurance that all employees will perform their jobs with the utmost integrity
e. serve as a deterrent to dishonesty6. A company policy states that annual vacations are mandatory for all employees. This policy is most important for employees who:
a….

ACC 492 Week 1 Individual Assignment Multiple Choice