The factor that determines whether or not goods should be included in a physical count of...

 

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The factor that determines whether or not goods should be included in a physical count of inventory is whether or not the purchase price has been paid. O legal title. physical possession. O management's judgement. Current Attempt in Progress An employee authorized to sign cheques should not record sales transactions. owner cash contributions. mail receipts. O cash payment transactions. Having one person responsible for the related activities of ordering merchandise, receiving goods, and paying for them increases the potential for errors and fraud. decreases the potential for errors and fraud. is an example of good internal control. O is a good example of safeguarding the company's assets. The daily cash count of cash register receipts made by department supervisors is an example of O segregation of duties. O documentation procedures. O internal independent check of performance. establishment of responsibility. The revenue recognition criteria states that revenue of a business is recognized when cash is received. when the service is provided or the goods delivered. O in the period that the expenses are incurred. O at the end of the year. Marigold Ltd. has the following account balances: Sales $117800, Cost of Goods Sold $66800, Interest Revenue $460, Depreciation Expense $22450, Sales Discounts $4250, Interest Expense $1580, Utilities Expense $870, Rent Revenue $1070, and Sales Returns and Allowances $2440. How much would Marigold Ltd. report as the net non-operating activities amount on the company's multiple- step income statement? net non-operating expense $22500 no net non-operating activities to report net non-operating expense $50 O net non-operating revenue $50 If a company determines cost of goods sold each time a sale occurs, it must have a service business. O uses a periodic inventory system. uses a perpetual inventory system. O must have a computer accounting system. A company is required to prepare adjusting entries for its financial statements because long-term assets must be expensed when purchased. transactions may relate to more than one accounting period. the cash balance would not be properly reflected. O the Canada Revenue Agency requires adjusting entries. The factor that determines whether or not goods should be included in a physical count of inventory is whether or not the purchase price has been paid. O legal title. physical possession. O management's judgement. Current Attempt in Progress An employee authorized to sign cheques should not record sales transactions. owner cash contributions. mail receipts. O cash payment transactions. Having one person responsible for the related activities of ordering merchandise, receiving goods, and paying for them increases the potential for errors and fraud. decreases the potential for errors and fraud. is an example of good internal control. O is a good example of safeguarding the company's assets. The daily cash count of cash register receipts made by department supervisors is an example of O segregation of duties. O documentation procedures. O internal independent check of performance. establishment of responsibility. The revenue recognition criteria states that revenue of a business is recognized when cash is received. when the service is provided or the goods delivered. O in the period that the expenses are incurred. O at the end of the year. Marigold Ltd. has the following account balances: Sales $117800, Cost of Goods Sold $66800, Interest Revenue $460, Depreciation Expense $22450, Sales Discounts $4250, Interest Expense $1580, Utilities Expense $870, Rent Revenue $1070, and Sales Returns and Allowances $2440. How much would Marigold Ltd. report as the net non-operating activities amount on the company's multiple- step income statement? net non-operating expense $22500 no net non-operating activities to report net non-operating expense $50 O net non-operating revenue $50 If a company determines cost of goods sold each time a sale occurs, it must have a service business. O uses a periodic inventory system. uses a perpetual inventory system. O must have a computer accounting system. A company is required to prepare adjusting entries for its financial statements because long-term assets must be expensed when purchased. transactions may relate to more than one accounting period. the cash balance would not be properly reflected. O the Canada Revenue Agency requires adjusting entries.

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The detailed answer for the above question is provided below 1 The factor that determines whether or not goods should be included in a physical count of inventory is physical possession Physical posse... View the full answer