QUESTION ONE10 MARKSIDENTIFYthe most appropriate answerand draw a circle around the letterwhich corresponds to that answer. (1)Many times a financial analyst may decide to make adjustments to the financial statements in order to make the statements more useful. Which of the following would not require an adjustment to the financial statement?
(2)Beginning and ending accounts receivable are $76,000 and $42,000, respectively. Sales for the period total $384,000, of which $40,000 was directly for cash. How much cash was collected from making sales and collecting accounts receivable?
(3) The main difference between a periodic and perpetual inventory system is that a periodic system: