Please provide a step by step solution

Which of the following methods for valuing inventory would most likely be used for high value items such as cars and houses?

Select one:

a.Specific Identification

b.FIFO

c.Weighted Average

d.None of the options

This provides evidence for journal entries, which are then posted to the general ledger account:

Select one:

a.purchase journal

b.subsidiary ledger

c.source document

d.sales journal

I. All transactions must be recorded in a journal before being posted to the ledgers, regardless of whether special journals are used or not.

II. Regardless of whether one is dealing with a manual or a computerized system, an effective accounting system should ensure adequate internal controls to prevent misuse of assets

Which of the choices below refers to the statements above?

Select one:

a.Both I and II are true

b.I is false, II is true

c.I is true, II is false

d.Both I and II are false

The source documents and procedures used to collect, record, summarize and report the business's transactions refer to:

Select one:

a.audit procedures

b.accounting system

c.accounting team

d.accounting cycle

A computerized accounting system has sections like the special journals to enter transactions.

Select one:

a.TRUE

b.FALSE

If a transaction does not "fit" into one of the special journals, it must be recorded in the:

Select one:

a.transactions journal

b.subledger

c.special journal

d.general journ