ACC 291T
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ACC 291T Wk 4 – Practice Topic 11- An Example of an Internal Control—The Bank Reconciliation
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1. What is petty cash? 
o Small amounts of cash kept for miscellaneous purposes 
o Cash used to offset the amounts owed to inventory suppliers 
o Cash required by banks to be kept on deposit 
o Cash used to pay for rent, insurance, and advertising 
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2. Debit memos from a bank reduce a depositor's cash balance, and credit memos increase the 
balance. This seems backwards from the normal debit-and-credit ru
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Wk 5 – Practice Topic 14 - Terminology Used for Planning,Control, and Evaluation Quick Check
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1. If a cost increases as the sales volume increases, the cost is a: 
o Fixed cost 
o Direct cost 
o Variable cost 
o Sunk cost 
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2. Which of the following has a direct materials inve
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ACC 291T Wk 4 – Practice Topic 11- An Example of an Internal Control—The Bank Reconciliation Quick Check
- Exam (elaborations) • 3 pages • 2024
-
- $10.49
- + learn more
1. What is petty cash? 
o Small amounts of cash kept for miscellaneous purposes 
o Cash used to offset the amounts owed to inventory suppliers 
o Cash required by banks to be kept on deposit 
o Cash used to pay for rent, insurance, and advertising 
FEEDBACK 
2 / 2 (100.0%) 
2. Debit memos from a bank reduce a depositor's cash balance, and credit memos increase t
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ACC 291T Wk 3 – Practice: Topic 9: Assessing How Well Companies Manage Their Inventories Quick Check 20 / 20 (100.00%)
- Exam (elaborations) • 4 pages • 2024
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1. Which of the following factors are used in calculating a company’s inventory turnover? 
o Net sales and average inventory 
o Cost of goods sold and average working capital 
o Average inventory and cost of goods sold 
o Average accounts receivable and net sales 
FEEDBACK 
2 / 2 (100.0%) 
2. Which of the following factors are used in calculating a company’s number of days’ sa
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ACC 291T Wk 3 – Practice Topic 7 - Budgeting Cash Outflows Quick Check
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1. At Teasdale Company, past experience reveals that 20% of sales are for cash and the remaining 80% are 
on credit. As the accountants at Teasdale Company prepare a cash budget, what will they do with these 
percentages? 
o Use the same percentages each month in order to maintain consistency. 
o Adjust the percentages over time as the company learns about its customers’ payment patterns 
o Use a higher percentage of credit sales in each month to reflect inflation. 
o Use a lower percentage of...
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Wk 3 – Practice: Topic 9: Assessing How Well Companies ManageTheir Inventories Quick Check
- Exam (elaborations) • 4 pages • 2024
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Wk 3 – Practice: Topic 9: Assessing How Well Companies ManageTheir Inventories Quick Check
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Wk 3 – Practice: Topic 9: Assessing How Well Companies ManageTheir Inventories Quick Check
- Exam (elaborations) • 4 pages • 2024
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- $10.49
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Wk 3 – Practice: Topic 9: Assessing How Well Companies ManageTheir Inventories Quick CheckPoints20:Graded on Mar 05 at 22:00Your Submission:Submission20 / 20 (100.00%)Score:Grade Time:Mar 05 at 22:00Submitted On:Mar 05 at 22:00 
1.Which of the following factors are used in calculating a company’s inventory turnover?oNet sales and average inventoryoCost of goods sold and average working capitaloAverage inventory and cost of goods soldoAverage accounts receivable and net sales 
FEEDBACK2 / 2 (...
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