ACC 291 Final Exam - ACC 291 Final Exam University of Phoenix | UOP E Tutors

$210,000 ÷ $120,000.
.57:1.
17) All of the following requirements about internal controls were
enacted under the Sarbanes Oxley Act of 2002 except:
independent outside auditors must eliminate redundant internal control.
companies must continually assess the functionality of internal controls.
independent outside auditors must attest to the level of internal control.
companies must develop sound internal controls over financial reporting.
18) Which of the following is not an internal control activity for cash?
The number of persons who have access to cash should be limited.
The functions of record keeping and maintaining custody of cash should be
combined.
Surprise audits of cash on hand should be made occasionally.
All cash receipts should be recorded promptly.
19) Before a check authorization is issued, the following documents must
be in agreement, except for the
purchase order.
invoice.
remittance advice.
receiving report.
20) Mitchell Corporation bought equipment on January 1, 2014 .The
equipment cost $180,000 and had an expected salvage value of $30,000.
The life of the equipment was estimated to be 6 years. The book value of
the equipment at the beginning of the third year would be