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ain the correct answer too.. and why others mismatch?

ain the correct answer too.. and why others mismatch?

FINANCIAL ACCOUNTING
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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Please expolain the correct answer too..

and why others mismatch?

Which item below only lists contra-revenue accounts? a. Sales Returns & Allowances, Sales Discounts b. Loss from the sale of equipment, Casualty Los C. Both (a) and (b) list contra-revenue accounts d. None of the above 15 Which of the following illustrates the internal control principle of documentation. a. A company pays its supplier by writing a check. b. A company checks references before hiring a new employee. C. A company bonds a cashier handling large amounts of cash. d. A company uses a computer password to prevent the unauthorized access to company data. 16 The Sarbanes-Oxley Act of 2002 results in all of the following EXCEPT a. Management attests to the level of internal control b. An external auditor provides an opinion on the adequacy of internal control C. The Public Company Accounting Oversight Board is created d. A company changes froma perpetual system to a periodic system. 17. Which statement below is a true statement? a. Under FIFO, companies determine the cost of goods sold by taking the unit cost of the most recent goods on hand and working backward until all costs have been assigned to the units sold. b. Under LIFO, companies determine the cost of goods sold by taking the unit cost of the earliest goods on hand and working forward until all costs have been assigned to the units sold. C.. Under LIFO, companies determine the cost of the ending inventory by taking the unit cost of the most recent purchase and working backward until costs 18.
Transcribed Image Text:Which item below only lists contra-revenue accounts? a. Sales Returns & Allowances, Sales Discounts b. Loss from the sale of equipment, Casualty Los C. Both (a) and (b) list contra-revenue accounts d. None of the above 15 Which of the following illustrates the internal control principle of documentation. a. A company pays its supplier by writing a check. b. A company checks references before hiring a new employee. C. A company bonds a cashier handling large amounts of cash. d. A company uses a computer password to prevent the unauthorized access to company data. 16 The Sarbanes-Oxley Act of 2002 results in all of the following EXCEPT a. Management attests to the level of internal control b. An external auditor provides an opinion on the adequacy of internal control C. The Public Company Accounting Oversight Board is created d. A company changes froma perpetual system to a periodic system. 17. Which statement below is a true statement? a. Under FIFO, companies determine the cost of goods sold by taking the unit cost of the most recent goods on hand and working backward until all costs have been assigned to the units sold. b. Under LIFO, companies determine the cost of goods sold by taking the unit cost of the earliest goods on hand and working forward until all costs have been assigned to the units sold. C.. Under LIFO, companies determine the cost of the ending inventory by taking the unit cost of the most recent purchase and working backward until costs 18.
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