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MCQ: Choose right Option:

23.

A company just starting business made the following three inventory purchases in February:

On Feb 15, there were 300 units sold. The company uses a perpetual inventory system. Using the weighted average cost formula, the balance in ending inventory on February 28 is

		$ 4,950.
		$ 3,075.
		$ 2,958.
		$ 1,992.

38.

Internal control helps an organization achieve all of the following except

		reliable financial reporting.
		compliance with relevant laws and regulations.
		absolute assurance that fraud will not occur.
		effective and efficient operations.

44.

Water Inc. maintains a petty cash fund with a balance of $100. A disbursement of $10 from the fund for postage is recorded as an expense in the accounting records

		at the time the cash is taken from the fund.
		when the postage is used.
		when the petty cash fund is replenished.
		when the adjusting entries are prepared at year end.