1) Be able to define internal control:
a) Safeguard assets
b) Encourage employees to follow company policy
c) Promote operational efficiency
d) Ensure accurate, reliable accounting records
2) Be able to explain the Sarbanes-Oxley Act, what did i
1) Know where net income and net loss go on the Worksheet and how to calculate it
There is net income if credits are more than debits, net loss if debits are more than credits.
Refer back to the worksheet we did in class.
2) Know how to close th
Mile reviewing the records of Ouality Pharmacy, you find that the same employee orders merchandise and
approves invoices for payment.
Business is slow at Amazing Amusement Park on Tuesday, Wednesday, and Thursday nights. To reduce
expenses, the busines
Score: 1 of1 pt I 1 of 1E] cfw_10 complete] Y r HWScore: 92.51%, 9.25 of 14:
Consider the followi m accounti w terms and denitions an:
H 1. Sole proprietorship a. Set ofglobal accounting guidelines, formulated by the IASB
Date Item Quantity Unit Cost
Sep. 1 Below: e 11] $ 64
6 Sale 5
8 Fun: hose 15 $ T2
1 T Sale 1 5
31] Sale 3
Unit Total Unit Total Unit Total
Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost
Sen. 3 15 $ T2 $ LUSH 5 $ 54 $ 321]
1 5 15
July 2: Received $11000 contribution from Bert London, owner, in exc bange for capital. July 1g: Performed services fora client on account, $2,200.
Accounts and Esplanab'on Accounts and Explanaon
1. Accounts receivable a. The partv to a credit transaction who takes on an obligationlpavable.
2. Other receivables b. The party who receives a receivable and will collect cash in the future.
3 Debtor c. A written premise to pav a speci