Acct 202 - Study guides, Class notes & Summaries

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Minor items such as nails and glue are usually considered to be: a) indirect materials b) direct materials c) administrative costs d) selling costs - a) indirect materials Inventoriable costs is another terms for ______ costs. - product

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Internal control is the organizational plan and all the related measures designed to accomplish which of the​ following? ​(check all that​ apply) A. Ensure​ accurate, reliable accounting records B. Promote operational efficiency C. Safeguard assets D. Encourage employees to follow company policies A. Ensure​ accurate, reliable accounting records B. Promote operational efficiency C. Safeguard assets D. Encourage employees to follow company policies Which of the following are ...

Define Accounting Accounting is the process of identifying, measuring, recording, and communicating an organization's economic activities to users for decision making Managerial Accounting Serves decision-making needs of internal users. Financial Accounting Focuses on external reporting to meet the needs of external users. List and Describe forms of business organization Proprietorship, partnership and corporation. Explain GAAP (Generally Accepted Accounting Principles) GAAP followed i...

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ACCT 3222 Final Exam Sample Questions with Approved Answers. For the control activities to be effective, employees maintaining the accounts receivable subsidiary ledger should not also approve ️ Writeoffs of customer accounts. Which of the following controls is most likely to help ensure that all credit revenue transactions of an entity are recorded? ️ The billing department supervisor matches prenumbered shipping documents with entries in the sales journal. Which of the following co...