College of Staten Island Accounting 114 Fall 2016 Final Professor Laura Farrell Rather than keep track of the cost of each item sold, most companies make assumptions, called cost flow assumptions. There are three assumed cash flow methods. Fully describe each. Quality entry-level software packages typically involve more than recording transactions and preparing transactions. Fully describe five common features and benefits. Internal control systems have five primary components. Fully describe three. Fully describe four classes of plant assets. Fully describe the three factors that affect the computation of depreciation