Insuring assets and requiring all accounting personnel to have CPA licenses are two important principles of internal control.

Which of the following is not true regarding a credit card expense?

Using the following year-end information for Bauman, LLC, calculate the current ratio and acid-test ratio:     Cash $ 48,000 Short-term investments   12,000 Accounts receivable   45,000 Inventory   225,000 Prepaid expenses   12,500 Accounts payable   86,500 Other current payables   22,000

A 90-day note issued on April 10 matures on:

The current period’s ending inventory is:

What brand is the tie that Professor shows during the chapter 4 lecture?

The petty cash fund should be reimbursed when it is nearing zero and at the end of the accounting period when financial statements are prepared.

On October 12 of the current year, a company determined that a customer’s account receivable was uncollectible and that the account should be written off. Assuming the direct write-off method is used to account for bad debts, what effect will this write-off have on the company’s net income and total assets?

Which company did Professor Urquhart use as an example for poor internal controls? 

If the Cash Over and Short account has a credit balance at the end of the period, the amount is commonly reported as miscellaneous revenue.