7) 7) Generally accepted accounting principles require that the inventory of a company be reported at its: A) Historical cost B) Replacement cost C) Market value D) Lower of cost or market E) Retail value 1 8) 8) A properly designed internal control system: A) Eliminates the need for an audit. B) Requires the use of non-computerized systems, C) Is not necessary if the company uses a computerized system D) Lowers the company's risk of loss. E) Insures profitable operations. 9) 9) At the end of the day, the cash register's record shows $1,050, but the count of cash in the cash register is $1,055. The correct entry to record the cash sales and its overage is A) Debit Cash $1,055; credit Sales $1,055. B) Debit Cash Over and Short $5; credit Sales $5. C) Debit Cash $1,055; credit Cash Over and Short $S; credit Sales $1,050, D) Debit Cash $1,050; debit Cash Over and Short $5; credit Sales $1,055