On any given day, it is unlikely that the balance in the cash account on the depositor's general ledger (or books) will be the same as the bank balance.
a. True
b. False
Indicate whether the statement is true or false
(
Q. 2) The monetary-unit assumption refers to ________.
A) measuring financial statement items at their cost at the time of the transaction
B) an assumption that a company will continue to be in business in the future
C) the use of monetary units, such as dollars, to measure the value of financial statement amounts
D) the way revenues and expenses are recognized
(
Q. 3) The inventory system employing accounting records that continuously disclose the amount of inventory is called
a. retail
b. periodic
c. physical
d. perpetual
(
Q. 4) Wal-Mart is an example of a merchandising corporation.
Indicate whether the statement is true or false
(
Q. 5) A major reason management must exercise control over an organization's business processes is to provide reasonable assurance that the company is in compliance with applicable laws and regulations.
Indicate whether the statement is true or false
(
Q. 6) Accounts payable represents ________.
A) amounts owed by the company to suppliers
B) amounts owed to the company by customers
C) expenses
D) shareholders' equity
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