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Sophia Pathways Accounting Final Milestone with Answers

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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? CONCEPT Internal Controls and Reconciliations 2 Given the information ...

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  • April 15, 2022
  • 12
  • 2021/2022
  • Exam (elaborations)
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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

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