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4 Automats Zoom 10. What was the cost of goods purchased? (a) $220,200 (b) $218,700 (c) $221,000 (d) $216,400 11. What was the cost of goods sold? (a) $234,600 (b) $231,600 (c) $237,600 (d) $213.400 12. The primary difference between prepaid and accrued expenses is that prepaid expenses have (a) been incurred and accrued expenses have not. (b) not been paid and accrued expenses have. (c) been paid and accrued expenses have not. (d) not been recorded and accrued expenses have 13. A high receivables turnover ratio indicates that (a) the company's sales are increasing (b) a large proportion of the company's sales are on credit. (c) customers are making payments very quickly (d) customers are making payments very slowly. 14. Cash equivalents (a) include all investments in shares. (b) include short-term highly liquid trading Investments plus accounts receivable less any bank overdrafts. (C) Include short-term, highly liquid trading investments less any bank overdrafts. (d) are reported as non-current assets. 15. Internal auditors (a) are hired by independent accounting firms to audit companies. (b) are employees of the government who evaluate the internal controls of companies filing tax returns (c) evaluate the system of internal controls for the companies that employ them (d) cannot evaluate the system of internal controls of the companies that employ them because they are not independent

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