The use of the _________ approach would generally be recommended for small to medium-sized organizations
where the IT systems are not necessarily essential to meeting the organization's business objectives and additional expenditure on risk analysis cannot be justified.
What will be an ideal response?
informal
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A company decides to ignore a very small error in its inventory balance. This is an example of the application of the ________
A) conservatism B) materiality concept C) disclosure principle D) consistency principle
Use the following information regarding Larson Company to answer the question below. 1. Established a petty cash fund in the amount of $250. 2. Reimbursed the petty cash fund given the following petty cash fund disbursements: a. Payment for postage, $20. b. Payment for supplies, $70. 3. Increased the petty cash fund to $300. 4. Cash over at the end of the first period was $5. The entry to record
the reimbursement of the petty cash fund would include a A) credit to Postage Expense for $20. B) debit to Petty Cash for $90. C) credit to Cash for $85. D) debit to cash for $5.