Answer the following $6$ multiple choice

$1-$ if a company records sales revenue and cost of goods sold every time a sales occurs $.$It

A$-$must have a computerized accounting system

B$-$ uses a combination of perpetual and periodic inventory system

C$-$uses a periodic inventory system

D$-$uses a perpetual inventory system

$2-$A company purchased inventor FOB shipping point. The shipping costs will be paid by the

A$-$Seller

B$-$Purchaser

C$-$Transportation company

D$-$Buyer and the seller

$3-$The factor which determines whether goods in transit should be included in inventory is

A$-$physical possession.

B$-$management's judgment.

C$-$legal title $($ownership$).$

D$-$whether or not the purchase price has been paid.

$4-$Internal controls are put in place mainly to safeguard and protect

A$-$ all statement of financial position accounts.

B$-$ assets.

C$-$liabilities.

D$-$equity.

$5.$ Accounts Receivable are valued and reported on the Statement of Financial Position:

A$-$at cash $($net$)$ realizable value.

$B-$in the investment section.

C$-$at gross amounts less sales returns and allowances.

D$-$only if they are not past due.

$6-$A bank reconciliation should be prepared

A$-$Whenever the bank refuses to lend the company money

$B-$When an employee is suspected of fraud

$C-$To explain any differences between the books $($accounting records$)$ and the bank statement balance