A serious exposure in the revenue cycle is loss of assets. What is the related threat and applicable control procedure that address this exposure?
A) shipping errors; reconciliation of sales order with picking ticket and packing slip
B) theft of cash; segregation of duties and minimization of cash handling
C) making sales that turn out to be uncollectible; force sales people to make collection calls on customers with past due balances
D) poor performance; preparation and review of performance reports
Answer: B
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A company uses the weighted-average method of inventory valuation under a periodic inventory system. The company began the year with a zero inventory balance. They had the following transactions during the year
1 Purchased 64 units at $5 per unit 2. Purchased 110 units at $5 per unit 3. Sold 90 units at $10 per unit 4. Purchased 55 units at $6 per unit 5. Sold 90 units at $13.50 per unit At the end of the year, the company counted the inventory and found 49 units remaining. Calculate the cost of goods sold for the year. (Round the unit costs to two decimal places and total costs to the nearest dollar.) A) $5 B) $257 C) $1,200 D) $943
Shelf registration under the Securities and Exchange Commission's Rule 415 allows ________
A) a quicker form of registration than would otherwise be permitted under the 1933 Act B) a more thorough examination of a company's registration statement than would otherwise occur under the 1933 Act C) the sale of a limited number of securities prior to registration D) the sale of securities over a period of time rather than immediately