What accounting principle justifies depreciating certain long-term assets?
A) the revenue principle
B) the depreciation principle
C) the cost-based principle
D) the matching principle
(
Q. 2) The IS function of quality assurance conducts reviews to ensure the attainment of IT objectives.
Indicate whether the statement is true or false
(
Q. 3) ____________________ are compensation for skilled or unskilled labor.
Fill in the blank(s) with correct word
(
Q. 4) Detective controls are ________.
A) designed to monitor business risks
B) designed to identify when an error or irregularity has occurred
C) designed to stop a problem before it starts
D) directed at recovering from an error
(
Q. 5) Assuming that the company uses the perpetual inventory system, determine the ending inventory value for themonth of May using the FIFO inventory cost method.
a. 364
b. 372
c. 324
d. 320
(
Q. 6) Below is a balance sheet for Daily Grind Coffee Shop. Fill in the missing amounts.
Daily Grind Coffee Shop
Balance Sheet
September 30, 2012
Assets Liabilities and shareholders' equity
Cash 350,000 Accounts payable b. ________
Inventory a. ________ Salaries payable 50,000
Supplies 25,000 Total liabilities 250,000
Equipment 500,000 Contributed capital c. ________
Total shareholders' equity d. ________
Total assets 950,000 Total liabilities and shareholders' equity e. ________
Quick Reply
