The pledged assets to secured liabilities ratio:

A. Is calculated by dividing book value of secured liabilities by book value of pledged assets.

B. Can be calculated from the book value of assets and liabilities.

C. Is not relevant to secured creditors.

D. Can always be calculated from information provided in the financial statements.

Internal control procedures for cash receipts require:

Multiple Choice

1 In-store cash sales be recorded on a cash register at the time of each sale

2 All of the choices are correct.

3 Separation of custody of cash receipts from its recordkeeping and in-store cash sales be recorded on a cash register at the time of each sale

4 All cheques to be numbered in sequence

5 Separation of custody of cash receipts from their recordkeeping