The petty cash box is usually kept under lock and key by the CFO of a company. True or false, explain? As an internal control over the inflow of cash, the accounting department receives the record from the cash register at the end of each day. They will eventually check that cash register record against the We use inventory cost flow assumptions and their corresponding cost flow methods (aka FIFO/LIFO/Weighted-average) to determine the value of ending inventory and If the market rate of interest is currently 10%, then a bond with a contract interest rate of 8% would sell with a A contingent liability is only reported on the balance sheet when the liability is both and estimable