Which of the Following Is True About Control Totals

question 8

Multiple Choice

Which of the following is true about control totals?

• A)Usually expressed in dollars
• B)Batches normally occur in groups of 200 or more
• C)Should "make sense" to be useful
• D)none of the above

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Definitions:

Depreciation

An accounting method of allocating the cost of a tangible or physical asset over its useful life to account for declines in value.

Ordinary Assets

Assets that are held for sale in the ordinary course of a business or are otherwise not capital assets, including inventory and property used in a trade or business.

Inventory

Goods and materials held by a business for the purpose of sale or production.

Trade or Business

Trade or Business refers to any activity conducted for profit or livelihood, including goods and services production, buying, selling, or providing services.