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Chris Miller
Chris Miller, Internet Researcher
Category: General
Satisfied Customers: 2786
Experience:  Master's degree in social work, computer knowledge, strong math and science background
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11. One of the important controls over petty cash is to make

Customer Question

11. One of the important controls over petty cash is to make sure all managers have a key to the petty cash box in case the petty cash custodian is out of the office. That way employees can be paid quickly. (Points: 3) True False 12. Under a perpetual inventory system, the amount of each type of merchandise on hand is available in the (Points: 3) customer's ledger creditor's ledger inventory ledger merchandise inventory account 13. Which accounting principle states that amounts are initially recorded in the accounting records at their cost or purchase price? (Points: 3) unit of measure business entity cost concept objectivity concept 14. Which accounting principle states that accounting data is to be recorded in dollars? (Points: 3) unit of measure business entity cost concept objectivity concept 15. Which one of the following below reflects a weak internal control system? (Points: 3) all employees are well supervised a single employee is responsible for comparing a receiving report to an invoice all employees must take their vacations a single employee is responsible for collecting and recording of cash 16. Merchandise is sold for cash. The selling price of the merchandise is $2,000 and the sale is subject to a 5% state sales tax. The journal entry to record the sale would include (Points: 3) A debit to Cash for $2,000. A credit to Sales for $2,100. A credit to Sales Tax Payable for $100. None of the above.
Submitted: 6 years ago.
Category: General
Expert:  Chris Miller replied 6 years ago.

Hello nifunifa,

 

11. False

12. inventory ledger

13. cost concept

14. unit of measure

15. a single employee is responsible for collecting and recording of cash

16. A credit to Sales Tax Payable for $100.

 

Hope this helps!

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