Answer True or False Finished goods are the equivalent of merchandise inventory for a retailer or...

Answer True or False

Finished goods are the equivalent of merchandise inventory for a retailer or a wholesaler in that both represent the inventory of goods held for sale.
Petty cash typically is composed of coins and currency kept on hand in a business to make minor disbursements.
When reconciling a bank account, the company does not have to prepare an adjusting entry for outstanding checks.
On a bank reconciliation outstanding checks are added to the cash per the bank statement.
When a bank pays interest or collects an amount owed to a company by one of the banks customers the bank issues a debit memorandum.
An advantage of a strong system of internal control is that less testing of the accounting system is done by the outside auditors.
A company’s internal control system is designed by its external auditors
Most merchandisers receive checks and currency from customers in two ways 1) cash received over the counter from cash and sales and 2) cash received in the mail from credit sales.
A company’s internal control system is designed by its external auditors.

Expert Solution

ekkarill92 answered 1 year ago

1.The finished goods beginning inventory = $100,000; The finished goods ending inventory = $50,000; The work...

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