Question 22 Statement : With merchandise inventory and supplies inventory, only the latter requires an adequate system of internal control. Statement II: A weekly inventory is needed in the case of high-priced inventories like jewelry. Statement 1 is correct; statement is incorrect O Both statements are correct O Both statements are incorrect Statement 1 is incorrect statement 2 is correct Question 23 Statement : A cash or cash equivalent account could consist of currency & banknotes, demand deposits, and money orders. Statement II: A cash or cash equivalent account serves to keep the business running smoothly. Both statements are incorrect Statement 1 is incorrect; statement 2 is correct Both statements are correct Statement 1 is correct; statement 2 is incorrect Previous