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PRINCIPLES OF ACCOUNTING 2: CHOOSE THE BEST ANSWER. (EXPLANATION NEEDED |F POSSIBLE) 13) Dr. Juan Perez is interested in buying anaemia shares uplands Inc. that runs a store in Plaza Las mamas. The shop sells only Dutch handicraft items. Analyzing the nancial statements of the corporation. he found the following: 1) Net Sales increased approximately 30% from 2021 to 2022: 2) Net Income increased 10% from 2021 to 2022; 3) The Current Ratio was 3.1 in 2021 and 3 in 2022. The industry average was 3.1 in 2020 and 3 In 2022; 4) inventory tumover was 1.7 in 2022. The Industry average was 2.9. Dr. Perez should consider the following before deciding whether or not to buy the shares: a) The trend of increasing sales in the last ve years accompanied by a 10% increase in Net income from 2021 to 2022 could be an indication that the corporation is able to survive in the future and pay dividends. b) inventory movement is slower than the industry average. This may be because the company sells exclusive items that do not have the same sales movement as continuous-use items. c) The Current Ratio is within the Industry average margin. This shows that the company has liquidity. d) All of the above. 14) The analysis of nancial statements involves the evaluation of the following characteristic of a business: a) Solvency b) Liquidity c) Profitability d) All of the above 15) Among the Principles of Internal Control are: 8) Establishment of Responsibility 1:) Documentation procedures c) Physical Controls d) All of the above 16) The following statement Is true except: a) One employees work must, without duplicating effort. provide a reliable basis for evaluating another employee's work. b) Allowing a single individual to be responsible for related activities increases the potential for errors and irregularities. c) Companies design an internal control system because it provides them with assurance that their assets are not going to be stolen. d) The custodian of an asset is unlikely to use that asset for personal use if he knows that another employee maintains records of it. 17) The following statement is true: a) The human element is an important factor in any intemal control system. b) Collusion occurs when two or more individuals come together to evade the intemal control system. c) The companies design an lntemal control system to provide a reasonable security to protect the assets and a reliability in the accounting records. d) All of the above. 13) The most important element that allows fraud to be committed is: a) Opportunity b) Financial pressure c) Rationalization d) Control environment