SLO-4.3. Internal control does not consist of policies and procedures that OProtect assets from misuse OAid management in directing operations toward achieving business goals OGuarantee the company will not be bankrupt OEnsure that business information is accurate
SLO-4.3. Internal control does not consist of policies and procedures that OProtect assets from misuse OAid management in directing operations toward achieving business goals OGuarantee the company will not be bankrupt OEnsure that business information is accurate
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 1-4
![SLO-4.3. Internal control does not consist of policies and
procedures that
*
OProtect assets from misuse
OAid management in directing operations toward
achieving business goals
OGuarantee the company will not be bankrupt
OEnsure that business information is accurate
SLO-5.1.
for a merchandising business is
determined by subtracting the Cost of Goods Sold from the
Sale Income account.
*
Ooperating Income
ONet Income
OGross Profit
OMerchandise Available for Sale
SLO-5.2. Using the term
means that the
buyer will pay the freight charges of the merchandise to the
buyer's place of business.
*
OFOB Shipping Point
OFOB Destination.
OTrade Discount
OQuantity Discount.
SLO-5.3. If the credit terms are 2/10, n/30, the credit period
is
days.
*
010
030
02
OIndefinite](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc14cc25e-3136-4362-89b3-f2d24f1fe2b0%2Faeee6774-a742-4db9-b91e-b3394cc851f2%2Fy06w9hg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:SLO-4.3. Internal control does not consist of policies and
procedures that
*
OProtect assets from misuse
OAid management in directing operations toward
achieving business goals
OGuarantee the company will not be bankrupt
OEnsure that business information is accurate
SLO-5.1.
for a merchandising business is
determined by subtracting the Cost of Goods Sold from the
Sale Income account.
*
Ooperating Income
ONet Income
OGross Profit
OMerchandise Available for Sale
SLO-5.2. Using the term
means that the
buyer will pay the freight charges of the merchandise to the
buyer's place of business.
*
OFOB Shipping Point
OFOB Destination.
OTrade Discount
OQuantity Discount.
SLO-5.3. If the credit terms are 2/10, n/30, the credit period
is
days.
*
010
030
02
OIndefinite
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