Multiple Questions Answers

1. (TCO 3) Related buying activities include _________
ordering, receiving, and paying.
ordering, selling, and paying.
ordering, shipping, and billing.
selling, shipping, and paying.

2. (TCO 3) Ron Jones has been a trusted employee for over 10 years. He is responsible for ordering merchandise inventory, receiving the inventory items, and authorizing the payment for these items. Which internal control principle, if any, is being violated?
None, Ron has proven to be trustworthy and has enough experience to do a good job.
Documentation procedures
Establishment of responsibilities
Segregation of duties

3. (TCO 3) For which of the following errors should the appropriate amount be subtracted from the balance per bank on a bank reconciliation?
Check for $43 recorded as $34
Deposit of $500 recorded by bank as $50
A returned $200 check recorded by bank as $20
Check for $35 recorded as $53

4) The standards and rules that are recognized as a general guide for financial reporting are called __________.
standards of financial reporting
generally accepted accounting principles
 operating guidelines
 generally accepted accounting standards