All of the Following Below Are Needed for the Calculation

question 164

Multiple Choice

All of the following below are needed for the calculation of straight-line depreciation except

• A) cost
• B) residual value
• C) estimated life
• D) units produced

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Definitions:

Internal Control

Systems and procedures designed to ensure the accuracy and reliability of financial reporting, compliance with laws and regulations, and effective and efficient operations.

Voucher Register

A record of vouchers that have been prepared, authorized, and paid; it serves as a chronological record of business transactions.

Petty Cash

A small amount of cash kept on hand in a business for making everyday, minor expenditures.

Cash Reserve

Funds that a company sets aside to meet short-term and emergency funding needs.