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inventories?
FIFO seldom coincides with the actual physical flow of
inventory.
The FIFO method assumes that the costs of the earliest goods
acquired are the last to be sold.
It is generally good business management to sell the most
recently acquired goods first.
Under FIFO, the ending inventory is based on the latest units
purchased.
Question 25
All of the following are examples of internal control procedures
except
reconciling the bank statement.
customer satisfaction surveys.
insistence that employees take vacations.
using prenumbered documents.
Question 26
Each of the following is a feature of internal control except
recording of all transactions.
bonding of employees.