APU ACCT300 Financial Accounting and Internal Control Concepts: A Comprehensive Quiz

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APU ACCT300Financial Accounting and Internal Control Concepts: AComprehensive QuizAPU ACCT300 week 3 quizQuestion 1 of 20The bank reconciliation:A.shouldbe prepared by an employee who records cash transactions.B.is part of the internal control system.C.is for information purposes only.D.is sent to the bank for verification.Question 2 of 20A note receivable due in 90 days is listed on the balance sheet under:A.long-term liabilities.B.fixed assets.C.current liabilities.D.current assets.Question 3 of 20Of the three widely used inventory costing methods (FIFO, LIFO, and average), the FIFOmethod of costing inventory is based on the assumption that costs are charged against revenuesin the order in which they were incurred.A. TrueB. FalseQuestion 4 of 20A credit memorandum from the bank:A.decreases a bank customer’s account.B.is used to show a bank service charge.C.shows that a company has deposited a customer’s NSF check.D.shows the bank has collected a note receivable for the customer.Question 5 of 20Inventories of merchandising and manufacturing businesses are reported as current assets on thebalance sheet.A. TrueB. FalseQuestion 6 of 20Cash equivalents include:A.checks.B.coins and currency.C.money market funds and commercial paper.D.stocks and short-term bonds.Question 7 of 20Inventory refers to the:A.merchandise held for sale in the normal course of business.B.materials sold during the year.

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