-According to the Above Table

question 26

Multiple Choice

$\begin{array}{llcc} \text { Net sales reverue } &\$345,000 \\ \text {Cost of goods sold } &\$205,000\\ \text { Average accourts receivable } &\$32,500\\ \text { Average irventory } &\$9,450\\ \text { Average plart, property ard equipment } &\$81,250\\ \text { Average total assets } &\$130,000\\\end{array}$

-According to the above table.Calculate the company's days to sell ratio for the current year?

• A)16.83
• B)21.69
• C)5.94
• D)26.53

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Definitions:

Internal Control

Internal control comprises the procedures and measures a company undertakes to protect assets, ensure accurate financial reporting, and comply with laws and regulations.

Reasonable Assurance

This concept refers to a high level of assurance or confidence in the accuracy of financial statements and internal controls without guaranteeing 100% certainty.

Error Recording

Error recording is the process of documenting mistakes and inaccuracies found in financial statements or transactions to analyze and correct them.

Bank Statement Adjustment

Adjustments made to the bank statement balance to reflect transactions that have not been recorded by the bank, ensuring the balance matches the company's records.