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1. an example of preventive control is: a. the use of bank account b. separation of the purchasing department and accounting department personnel. c. bonding employees who handle cash. d. accepting payment in currency only. 2. the inventory method that assigns the most recent costs to cost of good sold... show more 1. an example of preventive control is:
a. the use of bank account
b. separation of the purchasing department and accounting department personnel.
c. bonding employees who handle cash.
d. accepting payment in currency only.

2. the inventory method that assigns the most recent costs to cost of good sold is:
a. FIFO
b. LIFO
c. average
d. Specific identification.


3. the inventory system employing accounting records that continuously disclose the amount of inventory is called:
a. retail
b. periodic
c. physical
d. perpetual

4. if a manufacturer ships merchandise to a retailer on consignment, the unsold merchandise should be included in the inventory of the
a. consignee
b. retailer
c. manufacturer
d. shipper

5. the cash account in the company's ledger is a(n)
a. asset with a debit balance
b. asset with a credit balance
c. liability with a debit balance
d. liability with a credit balance
2 answers 2