Sophia Pathways Accounting Final Milestone with Answers

1
Which of the following internal control systems does TAP Technology, Inc. use when it updates its employee handbook to reflect new company policies?

Control environment

Control activity

Monitoring process

Information and communication system
CONCEPT
Internal Controls and Reconciliations
2
Given the information provided above, what is the gross margin percentage?

79%

71%

73%

83%
CONCEPT
Merchandising Financial Statement Analysis
3 When preparing a trial balance worksheet, what step would Tom complete next if he has already prepared a trial balance, adjusted entries and prepared an adjusted trial balance?

Prepare an income statement

Prepare a balance sheet

Close temporary accounts

Make closing entries
CONCEPT
End of Period Activities
4
Which business below would likely use Specific ID?

A jewelry store

An ice cream shop

An Italian foods market

An office supply store
CONCEPT
Inventory Cost Flow Assumptions
5
The purpose of the general journal is to show accounting events in their __________ sequence.

ending 
chronological