The Accounts of Local Company at May 31,2015 Are as Follows

question 73

Multiple Choice

The accounts of Local Company at May 31,2015 are as follows: What are the first four lines,in proper order,on the trial balance at May 31,2015?

• A)Accounts Payable,Accounts Receivable,Cash,Common Stock
• B)Sales Revenue,Salary Expense,Insurance Expense,Supplies
• C)Cash,Accounts Receivable,Supplies,Accounts Payable
• D)Accounts Payable,Notes Payable,Common Stock,Retained Earnings

Describe methods and practices for safeguarding company assets.

Recognize the factors contributing to fraudulent activities and how to prevent them.

Understand the segregation of duties principle and its application in preventing fraud.

Explain the significance of using checks for cash disbursements and the control it provides.

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Definitions:

Examination

An assessment intended to measure a test-taker's knowledge, skill, aptitude, physical fitness, or classification in many other topics.

Functional Teams

Groups of individuals who are organized based on the specific functions they perform within an organization, such as marketing or finance.

Project

A temporary endeavor undertaken to create a unique product, service, or result, with a defined beginning and end.

Procurement Team

A group of individuals within an organization responsible for acquiring goods and services needed for business operations.