1.) A companys internal control procedures:

a. Include policies and procedures to safeguard assets.

b. Prevent unavoidable losses.

c. Eliminate the need for audits.

d. All of the above.

2.) Acceptable inventory methods include:

	a.	LIFO method
	b.	FIFO method
	c.	Specific identification method
	d.	all of the above

3.) Beginning inventory totaled 5 units purchased at a cost of $20 each. The first purchase was 10 units at $22 each and the second purchase was 6 units at $25 each. When 18 units were sold for $540 retail, using LIFO perpetual inventory, what was the cost of the goods sold?

	a.	$395
	b.	$410
	c.	$450
	d.	$510

4.) A companys internal control procedures:

	a.	Include policies and procedures to safeguard assets.
	b.	Prevent unavoidable losses.
	c.	Eliminate the need for audits.
	d.	All of the above.