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1) Costs become expenses:

a. when they are purchased.
b. when they are charged against revenues.
c. when they are paid.
d. at the end of the accounting period.

2) Working capital is:

a. Net income divided by sales.
b. Current assets minus current liabilities.
c. Current assets divided by current liabilities.
d. Total debt divided by total assets.

3) Sarbanes-Oxley Act of 2002 needs that all U.S. corporations under jurisdiction of Securities and Exchange Commission

a. have at least one foreign subsidiary.
b. maintain accounting records of foreign branches and subsidiaries in local foreign currency.
c. maintain an adequate system of internal control.
d. must file reports with National Commission on Fraudulent Financial Reporting.

4) Having one person post entries to accounts receivable subsidiary ledger and different person post to Accounts Receivable Control account in general ledger is an ex of:

a. inadequate internal control.
b. duplication of effort.
c. external verification.
d. segregation of duties.

5) Suppose the following cost of goods sold data for company:

 

2009 $1, 500,000
2008 1, 200,000
2007 900,000

If 2007 is base year, determine the percentage increase in cost of goods sold from 2007 to 2009?

a. 167%
b. 67%
c. 60%
d. 40%

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M922026

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