An example of the internal control principle of establishing responsibility is: Multiple Choice assigning each cash drawer to only one employee establishing responsibility accepting only EFT payment because they are directly deposited into a company's bank account. comparing the total on the cash receipts list with the stamped deposit slip received from the bank bonding employees Generally, a physical count of inventory is performed annually in both a perpetual inventory system and a period ic inventory system. True or False True False In a periodic inventory system, only one journal entry is required to record the sale of inventory True or False True False When a periodic inventory system is in use, the Inventory account is updated only at the end of the period. True or False True False Berkley Company had beginning inventory of $4,000 and purchases of $20,000. If half of its inventory was sold, Berkley's goods available for sale will: Multiple Choice be split between cost of goods sold and ending inventory appear only as an expense on the income statement appear only as an expense on the balance sheet. appear only as an asset on the income statement. Verde Co. returned $500 of merchandise that was purchased on account. As a result of this transaction, assets will: Multiple Choice decrease and liabilities will decrease. decrease and net income will decrease. stay the same and net income will decrease. stay the same and liabilities will decrease