At the End of 2014, CNC Corporation's Accounting Information System

question 69

Multiple Choice

At the end of 2014, CNC Corporation's accounting information system produced the following trial balance: 52.At the end of 2014, CNC Corporation's accounting information system produced the following trial balance:
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CNC completed the following transactions in January 2015:
A.Purchased inventory on account, $300.
B.Collected cash from customers for prior year sales, $500.
C.Paid current month's wages, $900.
D.Had land appraised.Cost of doing the appraisal (paid in cash) , $700.Appraised value of land, $3,000.
E.Sold inventory with a cost basis of $200 on account, $800.
F.Declared dividends, $50.
G.Hired additional sales staff.Expected monthly salaries, $80.
H.Purchased supplies for cash, $150.
i.Paid creditors for previous purchases, $150.
j.Signed a contract for annual employee retreat, $450.
Sequential numbering is a common internal control applied to source documents in the accounting information system.Which of the following transactions will involve sequential numbering?

• A) Transaction A.
• B) Transaction F.
• C) Transaction G.
• D) Transaction J.

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Definitions:

Incentive Theories

Theories that suggest that behavior is motivated by a desire for reinforcement or incentives.

Sociobiological

Relating to the study of the biological basis of social behavior, suggesting that such behavior is influenced by evolutionary factors.

Sociological

Sociological pertains to the study of society, its institutions, relationships, and processes, focusing on understanding social behaviors, structures, and functions.

Reproductive Success

A measure of an individual's genetic contribution to the next generation through offspring that survive to reproduce themselves, often a key focus in evolutionary biology.