Bank reconciliations are NOT:

sufficient to uncover all fraud.

to be completed by all companies.

useful.

an important cash control.

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Question 21 pts

The inventory of a grocery store retailer, such as Safeway, would consist primarily of _______________ .

finished goods inventory.

The company would likely hold significant amounts of each of the other three types of inventory.

work in process inventory.

raw materials inventory.

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Question 41 pts

Question 51 pts

What is the correct equation to calculate the cost of good sold in a periodic inventory system?

Beginning inventory - Purchases + Ending inventory

Beginning inventory + Purchases + Ending inventory

Beginning inventory + Purchases - Ending inventory

Beginning inventory - Purchases - Ending inventory

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Question 101 pts

In which of the following situations would the car be classified as inventory?

A car owned by a company, and used by a sales person to make deliveries.

All of the other answers are correct.

A second-hand car purchased by a used car dealer, which is sitting on the lot available for sale.

A car owned by a company, and used by the company President.