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1.  The functions of an accounting system include all of the following except to:  a. gather marketing data.  ________________________________________ 2.  Obligations to pay cash, transfer other assets, or provide services are: b. liabilities.  _______________________________________ 3.  The entry to record the collection of cash from customers would include a:  d. debit to cash.  ________________________________________ 4.  At year-end, Grundwerk Company's supplies account had a debit balance of $4,200. However,  a count of the supplies revealed that the actual balance was $2,300. The adjusting entry to  record supplies used would include a: b. debit of $1,900 to the supplies expense account.  _______________________________________ 5.  Which of the following is NOT a valid control procedure? d. Management assurances  ________________________________________ 6. 
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The entry required to record a sales return by a customer could consist of:   b. a debit to Sales Returns and Allowances and a credit to Accounts Receivable.  ________________________________________ 7.  The ratio that measures how many times during a year accounts receivable are collected is the: b. accounts receivable turnover.  ________________________________________ 8.  With LIFO, cost of goods sold is $390,000, and ending inventory is $90,000. If FIFO ending  inventory is $130,000, how much is FIFO cost of goods sold?  c.
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This note was uploaded on 06/20/2011 for the course ECON 123 taught by Professor Mrews during the Spring '11 term at Korea Advanced Institute of Science and Technology.

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