Hm dollar vaive -^ greater than 10% et net incom" u e acocounted for using a treatment that is not nlyaowed byy d its inclusion in the financial statements wouks cause a statement user to shange s 3) The time span during which eash is used to aoquire goods services are sold to customers, who in tum pay for their purchases and services, and these goods and with cash, is called the. . operating cycle b. 4) when prices are falling. the cost of goods sold reported on the income statement on a weight average basis is generally Firo a oqualy likely to be higher or lower on a weighted-average basis as opponed to a FIFO basis equal to ending inventory reported on a FIFO basis. b. c greater than on a FIFO basis d. lower than on a FIFO basis. 5) The end-of-month balance in Dryer Companys cash receipts journal cash column is $22.630 How will this column be posted? a. The total will be posted to the cash account as a credit. b. The total will be posted to the cash account as a debit c. The individual amounts are posted on a daily basis. d. The total is not posted 6) A purchase return or alowance under a perpetual inventory system is credited to a. Accounts Payable b. Purchase Retums and Allowances c. Inventory d. Purchases Fall 2018 7) ? The consept that requires that accountants meoord amortization expense on equipmen a Cost principle b. Time-period assumption C Recognition oriteria for revenue The period for unpaid wages is the. concept that requires that accountants accrue wage expense at the end of the accounting a. Cost principle. Recognition criteria for revenue c. 9) Customers' individual accounts included in a subsidiary ledger are said to be controlled by the Accounts Receivable account in the a. accounts payable ledger b. accounts receivable ledger. C. controlling ledger d. general ledger e. None of the above are correct 10) Cost of goods sold plus ending inventory equals a. net purchases b. cost of goods available for sale. c. Credit to accounts payable d. gross margin. e. gross profit. 11) Which of the following is not one of the purposes of internal control? a. to encourage employees to follow company policy b. to safeguard the company's assets c. to guarantee that a business makes a profit d. to ensure accurate, reliable accounting records 12) Amounts are posted individually from the purchases journal to the a. cash account in the general ledger b. inventory account in the general ledger. c. accounts payable account in the general ledger. d. accounts payable subsidiary ledger. none of the above are correct