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  1. business
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  3. a) must have a eompriterized accoumiling system

A) must have a eompriterized accoumiling system D) uses a perpetual inveritory system....

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Accounting

A) must have a eompriterized accoumiling system
D) uses a perpetual inveritory system.
A company purchased imventor FOB shipping point, The shipping costs will be paid by the:
A) Seller
B) Purchaser
C) Transportation company
D) Buyer and the seller
The factor which determines whether goods in transit should be included in inventory is
(1 mark)
A) physical possession.
B) management's judgment.
C) legal title (ownership).
D) whether or not the purchase price has been paid.
Internal controls are put in place mainly to safeguard and protect (1 mark)
A) all statement of financial position accounts.
B) assets.
C) liabilities.
D) equity.
Accounts Receivable are valued and reported on the Statement of Financial Position: (1 mark)
A) at cash (net) realizable value.
B) in the investment section.
C) at gross amounts less sales returns and allowances.
D) only if they are not past due.
bank reconciliation should be prepared (1 mark)
A) Whenever the bank refuses to lend the company money
B) When an employee is suspected of fraud
C) To explain any differences between the books (accounting records) and the bank
statement balance
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