7. Each of the following is a feature of internal control, except a. management planning b. periodic independent verification. C. limited access to assets. d. authorization of transactions. 8. If it takes Gledhill Company 45 days to sell inventory, 23 days to collect from the sale, and creditorm payment terms are 30 days, the financing period is a. 98 days. b. 23 days. C. 45 days d. 38 days.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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7. Each of the following is a feature of internal control, except
a.
management planning
b.
periodic independent verification.
C.
limited access to assets.
d.
authorization of transactions.
8. If it takes Gledhill Company 45 days to sell inventory, 23 days to collect from the sale, and creditorm
payment terms are 30 days, the financing period is
a.
98 days.
b.
23 days.
C.
45 days
d.
38 days.
Transcribed Image Text:7. Each of the following is a feature of internal control, except a. management planning b. periodic independent verification. C. limited access to assets. d. authorization of transactions. 8. If it takes Gledhill Company 45 days to sell inventory, 23 days to collect from the sale, and creditorm payment terms are 30 days, the financing period is a. 98 days. b. 23 days. C. 45 days d. 38 days.
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