Olivera Inc

question 69

Multiple Choice

Olivera Inc.provides the following data for the year 2015: On vertical analysis report,the gross profit as a percentage of net sales will be ________.

• A)35.9%
• B)41.67%
• C)56.1%
• D)44.1%

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Definitions:

Bank Reconciliation

The process of matching and comparing figures from the accounting records against those shown on a bank statement to ensure consistency.

Subsidiary Ledger

A detailed ledger that contains all the transaction details of a specific account, which then summarizes into a general ledger.

Internal Control

The procedures and measures implemented by a company to safeguard assets, ensure accuracy in financial reporting, and comply with laws and regulations.

Cash Receipts Procedure

A set of steps followed by a business to track and document the inflow of cash from transactions.