Lsu acct 2001 - Study guides, Class notes & Summaries

LSU ACCT 2001 EXAM 2 TEST QUESTIONS WITH COMPLETE SOLUTIONS GRADED A+ Which of the following is a primary concern of internal control? a) Promote training programs and control incentives. b) Enhancing the accuracy and reliability of accounting data. c) Ensuring fairness of the financial statements. d) Encouraging adherence to prescribed managerial performance. - Answer-b) Enhancing the accuracy and reliability of accounting data. Which of the following is not correct regarding interna...

LSU ACCT 2001 EXAMINATION QUESTIONS WITH CORRECT DETAILED ANSWERS GRADED A+ When legal title of goods remains with the seller until the goods reach the buyer the terms are __________ and the ___________ has legal title. a) Consigned goods, seller b) FOB destination, seller c) FOB shipping point, buyer d) None of the above. - Answer-b) FOB destination, seller Title transfer when goods reach the purchaser Which of the following is correct about FIFO? a) Produces lowest net income ...