MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question 31) Which of the following is a true statement about mentory systems? A) Periodic inventory systems require were detailed mestory records B) Perpetual inventory systent require more detailed mestory records. A perpetual system determines cost of good sal only the end of the accounting period. D) A periodie system requires cast of goods sold be determined efter each sale. 32) The figure for which of the following items is determined et e different time under the perpetual a inventory method than under the periodic method? A) Accounts Receivable B) Prchases Sales Revenue D) Cost of Goods Sold 33) In perpetual inventory system, cast of goods sold a recorded A) one monthly basis B) each time este curs C) on en annual basis D) on edellyasi 34) Under the perpetual inventory system which of the following accounts would not be used? A) Inventory B) Sales Revenue Purchases D) Cost of Good Sold 35) Under a perpetual inventory system sequisition of merchandise for resale is debited to A) the Supplies account B) the purchases account the cost of Goods Sold account. D) the Inventory account 36) A system of internal control A) is infellible, B) invariably will have costs exceeding benefits () is premised on the concept of absolutt assurance D) can be rendered ineffective by employee collusion 37) Which of the following is not an internal control activity for cash A) Banking facilities should be used as much as possible B) Employees who have access to cech should be bonded All payments should be made with currency, not checks D) The mount of cash on hand should be kept to in 38) Control over cash disbursements is generally more effective when A) payments are made by check. B) all bills are paid in cash all purchases are made on credit D) disbursements are made by the accounts payable subsidiary clere 39) A deposit made by a company will appear on the bankstenent sa A) debit memorandon B) debit credit memorandum D) credit 40) Which of the following would be added to the bloce per bank on a bank reconciliation A) Deposits in front B) Outstanding checks Notes collected by the bank D) Service charges