A consequence of separation of duties is that a theft

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34. A consequence of separation of duties is thatA)theft by employees becomes impossible.B)operations become extremely inefficient because of constant training of employees.C)more employees will need to be bonded.D)theft is still possible when several employees are involved.
35. Using the following data for Happy Home Industries, compute the return on assets ratio.Net Sales250,000Net Income$100,000Total Assets 12/31/072,410,000Total Assets 12/31/061,980,000
36. Cash equivalents donotinclude
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Chapter 10 / Exercise 10-17
Accounting Using Excel for Success
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ACCT201Exam 3S200837. Dones Company had checks outstanding totaling $6,400 on its May bank reconciliation. In June, DonesCompany issued checks totaling $39,900. The July bank statement shows that $29,700 in checks clearedthe bank in July. A check from one of Jones Company's customers in the amount of $300 was alsoreturned marked "NSF." The amount of outstanding checks on Davis Company's July bank reconciliationshould be
38. Mrs. Smith has worked for Arcco Inc. for 20 years without taking a vacation. An internal control featurethat would address this situation would beA)other controls.B)establishment of responsibility.C)physical controls.D)documentation procedures.
39. The custodian of a company asset should
40. A truck costing $15,000 and on which $13,000 of accumulated depreciation has been re-corded wasdiscarded as having no value. The entry to record this event would include a
Use the following to answer question 41:Swanson Company bought a machine on January 1, 2007. The machine cost $72,000 and had an expected salvagevalue of $12,000. The life of the machine was estimated to be 5 years.41. The book value of the machine at the beginning of the third year would be
42. A petty cash fund should be replenishedA)every day.B)at the end of every accounting period.C)once a year.D)as soon as an expense is paid from the fund.
43. The cost of an intangible asset with an indefinite life should
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ACCT201Exam 3S2008

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Term
Spring
Professor
Siams
Tags
Balance Sheet, Depreciation, Generally Accepted Accounting Principles, Jones Company
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The document you are viewing contains questions related to this textbook.
Accounting Using Excel for Success
The document you are viewing contains questions related to this textbook.
Chapter 10 / Exercise 10-17
Accounting Using Excel for Success
Reeve/Warren
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