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Exam 2 Accounting 1211 Cscc Questions And Answers With Verified Solutions Already Passed!!!
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Exam 2 Accounting 1211 Cscc Questions And Answers With Verified Solutions Already Passed!!!
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Exam 2 Accounting 1211 CsccQuestions And Answers With Verified
Solutions Already Passed!!!
employee fraud - ANSWER✔✔intentional manipluation of financial statemnts for
personal gain
internal conrols - ANSWER✔✔actions taken by people @ every level of an org to
achieve operations, reporting, and compliance
components of internal control - ANSWER✔✔control envirnment
risk assesments
control activities
info communications
monitoring activities
bank reconciliations - ANSWER✔✔compairing companys financial records to the
bank statements.
(only items on the companys side of a bank recon need to be recorded in records. *
ending cash balances goes on balance sheet as cash)
adjusting enteries resulting from bank recon - ANSWER✔✔CASH BALANCE
ADDITIONS
a)interest earned
b)eft from customer
DEDUCTIONS
c)bank service charge
, d)nsf check
recording error
= updated balance
journal enteries-
a) cash
interest earned
b) cash
accounts rec
c) office expense
cash
d) accounts payable
cash
calculate COGS - ANSWER✔✔periodic uses
BI + P - EI = COGS
perpetual
BI+ P - COGS - EI
Calculate Inventory Shrinkage - ANSWER✔✔cost of inventory - cost listed in
account records / amount in account records
calculate net sales - ANSWER✔✔gross sales - sales returns - sales allowance -
sales discounts = net sales
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