Multiple Choice
All of the following are the goals of internal controls over merchandising transactions except
A) To keep the appropriate amount of inventory on hand
B) To retain enough cash to take advantage of cash discounts
C) To keep credit losses at a minimum
D) To decide on the quality of materials to be purchased
Correct Answer:

Verified
Correct Answer:
Verified
Q3: Using bar codes to take a physical
Q4: A check authorization would be prepared before
Q7: Magnolia Company has established a petty cash
Q49: Invoices are documents prepared by a vendor
Q94: The receiving department must compare goods received
Q103: Under a perpetual inventory system,is it necessary
Q104: The use of prenumbered documents is important
Q105: Bonding provides a guarantee against theft.
Q124: The periodic inventory system provides no means
Q126: Proper control procedures can guarantee the prevention