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acc400r1SAQwk1 - purposes and a different method for its...

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ACC 400 Accounting for Decision Making ACC 400 Self-Assessment Questions Week One: Assets and Internal Controls Note: Answers to questions appear on the last page of this document. All the following are principles of internal control except : Having a yearly audit by an independent auditing firm Segregation of duties Documentation procedures Establishment of responsibility Physical, mechanical and electronic controls Control is the least effective when one person is responsible for a given task. True False A company should not estimate uncollectible accounts receivable but rather write off the bad debt when sales prove uncollectible. True False The following are all examples of depreciation methods except : Straight-line Declining balance Remaining book value Sum-of-the-years digits Units of production Plant assets are always shown on the balance sheet at the current market value. True False It is acceptable for a company to use an accelerated method of depreciation for income tax
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Unformatted text preview: purposes and a different method for its financial statements. True False Page 1 acc400r1 ACC 400 Accounting for Decision Making ACC400 Self-Assessment Answers Week One: Assets and Internal Controls a Chapter 7 -Financial accounting: Tools for business decision making (4th ed.) by Kimmel, Weygandt and Kieso b Chapter 7 -Financial accounting: Tools for business decision making (4th ed.) by Kimmel, Weygandt and Kieso b Chapter 7 -Financial accounting: Tools for business decision making (4th ed.) by Kimmel, Weygandt and Kieso c Chapter 9 -Financial and Managerial Accounting (13 th ed.) by Williams, Haka and Bettner b Chapter 9 -Financial and Managerial Accounting (13 th ed.) by Williams, Haka and Bettner a Chapter 9 -Financial and Managerial Accounting (13 th ed.) by Williams, Haka and Bettner Page 2 acc400r1...
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