Adjusting the books is done ________.
A) every time a sale is made
B) every time an asset is purchased
C) as expenses are used up
D) at the end of every accounting period
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Q. 2) A check deposited that is not paid because the drawer did not have sufficient funds is called an NSF check.
a. True
b. False
Indicate whether the statement is true or false
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Q. 3) The Securities and Exchange Commission (SEC) is responsible for overseeing all publicly-traded companies from all countries.
Indicate whether the statement is true or false
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Q. 4) If the buyer is to pay the freight costs of delivering merchandise, delivery terms are stated as
a. FOB shipping point
b. FOB destination
c. FOB n/30
d. FOB buyer
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Q. 5) On January 1, Team Shirts paid 600 for three months' worth of advertising beginning on February 1. What should the balance be in the Prepaid advertising account on April 1?
A) 0
B) 100
C) 200
D) 300
(
Q. 6) A batch of business events is accurately entered into a business event data store, but the computer operator fails to use the data to update master data. This type of processing error would be classified as an operational error.
Indicate whether the statement is true or false
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