1. Which of the following is not a common cost flow assumption used in costing inventory?
a. First-in, first-out
b. Middle-in, first-out
c. Last-in, first-out
d. Average cost

2. The control principle related to not having the same person authorize and pay for goods is known as
b. independent internal verification
c. segregation of duties.
d. rotation of duties

3. A $100 petty cash fund has cash of $9 and receipts of $85. The journal entry to replenish the account would include a credit to
a. Cash for $91
b. Petty Cash for $85.
c. Cash Over and Short for S6.
d. Cash for $85.

Answer rating: 100% (QA)

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