Please answer with reasonWhich of the following statements concerning formal and less-formal nonperpetual unitcontrol systems is true?a. Both formal and less-formal nonperpetual unit control systems enablethe retailer to determine overages and shortages.b. The possibility of immediate delivery of goods is more essential for aless-formal system than for a formal system.c. The formal system requires that the retailer has a planned model stock whereless-formal systems do not.d. The formal system is a book inventory system whereas less-formal systemsare not.e. Formal systems are maintained on a retail basis whereas less-formalsystems are maintained on a cost basis.

Please answer with reason Which of the following statements concerning formal and less-formal nonperpetual unit control systems is true? a. Both formal and less-formal nonperpetual unit control systems enable the retailer to determine overages and shortages. b. The possibility of immediate delivery of goods is more essential for a ess-formal system than for a formal system. c. The formal system requires that the retailer has a planned model stock where ess-formal systems do not. d. The formal system is a book inventory system whereas less-formal systems are not. e. Formal systems are maintained on a retail basis whereas less-formal systems are maintained on a cost basis.

Please answer with reason Which of the following statements concerning formal and less-formal nonperpetual unit control systems is true? a. Both formal and less-formal nonperpetual unit control systems enable the retailer to determine overages and shortages. b. The possibility of immediate delivery of goods is more essential for a ess-formal system than for a formal system. c. The formal system requires that the retailer has a planned model stock where ess-formal systems do not. d. The formal system is a book inventory system whereas less-formal systems are not. e. Formal systems are maintained on a retail basis whereas less-formal systems are maintained on a cost basis.

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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Similar questions

Which of these would NOT contribute to a retailer's use of forward buy? O A. Low holding costs O B. Lower expected future prices from the manufacturer OC. Slow advances in product development O D. Long product shelf life O E. Volume discounts from the manufacturer
Among the simple average pricing and weighted average pricing method. Which of the store ledger preparing method is more preferrable in this contemporary business world and why?
Explain why some management accountants believe that absorption costing may provide an incentive for managers to overproduce inventory.
Discuss how EDI dealing with sensitive information, such as inventory amounts and price data, is no longer private. What potential dangers exist if proper controls are not in place? Give an example
Sales orders are written by sales people who have no access to the goods, which are released by warehouse personnel. This is example of: an analytical review establishing a system for storing and counting inventory proper documentation that is monitored properly segregation of duties
Which of the following costs will not affect cost of goods sold? Multiple Choice Inventory inspection costs. Inventory preparation costs. Inventory-related selling costs. O Freight charges incurred to bring inventory to the warehouse.
A serious exposure in the ordering process of the expenditure cycle is increased inventory costs. What is the related threat and applicable control procedure that address this exposure? A. mistakes in counting; do not inform receiving employees about quantity ordered B. paying for items not received; requiring that all supplier invoices be matched to supporting documents C. purchasing at inflated prices; review of purchase orders D. theft of inventory; periodic physical counts of inventory and reconciliation to recorded quantities E. mistakes in posting to accounts payable; reconciliation of detailed accounts payable to the general ledger control account
1. Which of the following is a control procedure to address the threat of purchasing goods or services at inflated prices? A. Requiring multiple approvals for purchases B. Performing regular physical inventory counts C. Conducting vendor audits D. Implementing encryption for sensitive data 2. Which of the following is not a common error in the expenditure cycle? A. Recording the wrong purchase order number B. Recording the wrong vendor name for goods received C. Recording the wrong quantity of goods received D. Recording the wrong price for goods received 3. The primary objective of internal controls in the expenditure cycle is to: A. Ensure the accuracy and completeness of financial transactions B. Streamline the procurement process C. Minimize the cost of purchases D. Increase the speed of payment processing