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ANSWERS Homework _3-1 - Homework#3 Having one person...

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Homework #3 Having one person responsible for the activities of ordering goods, receiving goods, and paying for them increases the potential for errors and fraud. decreases the potential for errors and fraud. is a good example of establishing responsibilities. is a good example of separating recordkeeping from custody of assets. From an internal control standpoint, the asset most susceptible to improper diversion and use is accounts receivable. cash. buildings. land. The journal entry used to record lost or stolen inventory would Include a debit to the inventory account Include a credit to the cash account Include a credit to the inventory account and a debit to the cash account Include a credit to the inventory account and a debit to an expense account Include a debit to the inventory account and a credit to the cash account The potential benefits of one alternative that are lost by choosing another is known as a(n): Alternative cost.
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