ANSWERS Homework _3-1

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

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
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. Sunk cost.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 08/31/2009 for the course ACC 310F taught by Professor Verduzco during the Fall '07 term at University of Texas.

Page1 / 2

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

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online