Prescribes that a company use the same accounting methods

Reference no: EM13608079

1.The main difference in the sales journal under the perpetual and periodic inventory system is: The column to record cost of goods sold and inventory amounts sold that is used under the perpetual system but not the periodic. The column for recording cash that is used under the perpetual system but not the periodic. The accounts receivable column that is used under the perpetual system but not the periodic. The sales tax receivable column that is used under the perpetual system but not the periodic. The sales tax payable column that is used under the perpetual system but not the periodic.

2. A company issued a check for $7,900 in payment of merchandise. Identify the journal the transaction would be recorded in. Purchases journal. Cash disbursements journal. General journal. Sales journal. Cash receipts journal.

3.A check involves three parties: The maker, the payee, and the bank. The maker, the manager, and the payee. The bookkeeper, the payee, and the bank. The signer, the cashier, and the company. The writer, the cashier, and the bank.

4. The conservatism constraint: Prescribes that revenues and expenses be reported in the period in which they are earned or incurred. Prescribes that when multiple estimates of amounts to be received or paid in the future are equally likely, then the least optimistic amount should be used. Prescribes that a company use the same accounting methods period after period. Prescribes that all items of a material nature be included in financial statements. Prescribes that all inventory items be reported at full cost.

5 The principles of internal control include: Require automated sales systems. Establish responsibilities. Bond all employees. Maintain minimal records. Use only computerized systems.

Reference no: EM13608079

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