1) Which one of the following is not an objective of a system of internal controls? a. Safeguard company assets b. Overstate expenses in order to be conservative c. Enhance the accuracy and reliability of accounting records d. Ensure compliance with laws and regulations 2) Internal control is defined, in part, as a plan that safeguards a. all statement of financial position accounts. b. assets. c. liabilities. d. equity. 3) Which of the following control activities is not relevant when a company uses a computerized (rather than manual) accounting system? a. Establishment of responsibility. b. Segregation of duties. c. Independent internal verification. d. All of these control activities are relevant to a computerized system Copyright Cory is $680,000, cost of goods purchased is $2,900,000, and ending American College of the Middle East 2020 4) If beginning inventory inventory is $470,000, cost of goods sold is: a. $3,110,000. b. $2,880,000. c. $2,430,000. d. $3,270,000. 5) In determining cost of goods sold in a periodic system: a. purchase discounts are deducted from net purchases. b. freight-out is added to net purchases. c. purchase returns and allowances are deducted from net purchases. d. freight-in is added to net purchases. III =