Review of Chapters
Terms
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- A summary of all the transactions a bank uses to maintain a record of all checking account transactions is called a
- Bank Statement
- What is the normal balance of Cost of Merchandise sold
- Debit
- ........... requires companies to maintain strong and effective internal controls and to report on the effectiveness of the internal controls
- Sarbanes- Oxley
- Any document that serves as proof of authority to pay cash or use electronic funds transfer is called a
- Voucher
- The ownship of the merchandise may pass to the buyer when the buyer receives the merchandise. In this case, the terms are said to be
- FOB destination
- In the Current Assets section of the balance sheet, which asset is usually listed first
- Cash
- When assets are safeguarded and used for business purposes, this is an example of the objectives of...
- Internal Controls
- The ownship of the merchandise may pass to the buyer when the seller delievers the merchandise to the transportation company or freight carrier, In this case the terms are said to be
- FOB shipping point
- What is the normal balance of Merchandise Inventory
- Debit
- A set of procedures for authorizing and recording liabilities and cash payments is called a
- Voucher System
- Control over inventory should begin as soon as the inventory is
- recieved
- The debtor is the
- Borrower
- The ending inventory is made up of the most recent costs when this method is used
- FIFO
- A company may have cahs in excess of its operating needs. In such cases, the company normally invests in highly liquid investments in order to earn interest called
- Cash Equivalents
- To ensure the accuracy of the amount of the inventory reported in the financial statements, a merchandising business should take a
- physical inventory
- The creditor is the
- Lender