Table 14.4 Bowring Ball Bearings Has 10 Different Items in Its Inventory.The

question 18

Multiple Choice

Table 14.4
Bowring Ball Bearings has 10 different items in its inventory.The average number of units held in inventory and the average unit cost are listed for each item.The firm uses an ABC system of inventory control.
-Inventory items that belong in the C category include ________.(See Table 14.4)

• A)Items 4 and 6
• B)Items 6 and 8
• C)Items 1,7,and 9
• D)Items 1 and 3

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Definitions:

Adjusted Cash Balance

The cash balance on financial statements after adjustments for checks in transit, deposits in transit, and other discrepancies.

Bank Statement

A monthly or quarterly document provided by a bank, detailing the account holder's transactions and balance.

Outstanding Deposit

Refers to funds that have been deposited but not yet credited to the depositor's account.

Outstanding Checks

Checks that have been written and recorded in the payer's accounting system but have not yet been cashed or cleared by the bank.