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The process of buying and selling inventory is known as inventory: a. turnover. b. allocation....

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Accounting

The process of buying and selling inventory is known as inventory:

a. turnover.

b. allocation.

c. management.

d. circulation.

Which of the following would cause a trial balance to be out of balance?

a. Only the credit of a transaction was recorded.

b. A transaction was not recorded.

c. A transaction was recorded twice.

d. A transaction was posted to the wrong accounts.

Which of the following is not a reason why businesses need an effective internal control system?

a. To identify ways to circumvent applicable laws and regulations.

b. To help ensure that sales are not lost because desired goods are not in stock.

c. To help ensure that money is not tied up in excessive inventory.

d. To help ensure the loss of inventory and cash to theft is minimized.

Which of the following will happen if the accrual adjustment entry is not made to record expenses incurred but not yet recorded?

a. Expenses will be understated and liabilities will be overstated.

b. Both expenses and liabilities will be overstated.

c. Both expenses and liabilities will be understated.

d. Expenses will be overstated and liabilities will be understated.

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