1. Which of the following is not a difference between a retail business and a service business?a.the inclusion of gross profit on the income statementb.elements of the accounting equationc.what is sold by the businessd.the inclusion of merchandise inventory on the balance sheet 2. The following procedures were recently implemented at Health Station, Inc. For each procedure, indicate whether the internal control over cash represents (1) a strength or (2) a weakness.a.All mail is opened by the mail clerk, who forwards all cash remittances to the cashier. The cashier prepares a listing of the cash receipts and forwards a copy of the list to the accounts receivable clerk for recording in the accounts.This is a weakness. b.The accounts payable clerk prepares a voucher for each disbursement. The voucher along with the supporting documentation is forwarded to the treasurer’s office for approval.This is a strength. c.At the end of each day, all cash receipts are placed in the bank’s night depository.This is a weakness. d.The bank reconciliation is prepared by the cashier, who works under the supervision of the treasurer.This is a weakness.

Name: 1. Which of the following is not a difference between a retail busines
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Description: 1. Which of the following is not a difference between a retail business and a service business?a.the inclusion of gross profit on the income statementb.elements of the accounting equationc.what is sold by the businessd.the inclusion of merchandise in

Accounting Equation: Assets = Liabilities This equation is same for every business. it does not…

Answered: 1. Which of the following is not a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Which of the following is not a difference between a retail business and a service business?

a.the inclusion of gross profit on the income statement

b.elements of the accounting equation

c.what is sold by the business

d.the inclusion of merchandise inventory on the balance sheet

2. The following procedures were recently implemented at Health Station, Inc. For each procedure, indicate whether the internal control over cash represents (1) a strength or (2) a weakness.

a.	All mail is opened by the mail clerk, who forwards all cash remittances to the cashier. The cashier prepares a listing of the cash receipts and forwards a copy of the list to the accounts receivable clerk for recording in the accounts.	This is a weakness.
b.	The accounts payable clerk prepares a voucher for each disbursement. The voucher along with the supporting documentation is forwarded to the treasurer’s office for approval.	This is a strength.
c.	At the end of each day, all cash receipts are placed in the bank’s night depository.	This is a weakness.
d.	The bank reconciliation is prepared by the cashier, who works under the supervision of the treasurer.	This is a weakness.

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