Sophia Pathways Accounting Final Milestone with Answers

Sophia Pathways Accounting Final Milestone with
Answers

1

Which of the following internal control systems does TAP
Technology, Inc. use when it updates its employee handbook to
reflect new company policies?

•
Control environment
•
Control activity
•
Monitoring process
•
Information and communication system



CONCEPT
Internal Controls and Reconciliations
2




Given the information provided above, what is the gross margin
percentage?

•
79%
•
71%
•
73%
•
83%



CONCEPT
Merchandising Financial Statement Analysis
3

, When preparing a trial balance worksheet, what step would Tom
complete next if he has already prepared a trial balance, adjusted
entries and prepared an adjusted trial balance?

•
Prepare an income statement
•
Prepare a balance sheet
•
Close temporary accounts
•
Make closing entries



CONCEPT
End of Period Activities
4

Which business below would likely use Specific ID?

•
A jewelry store
•
An ice cream shop
•
An Italian foods market
•
An office supply store



CONCEPT
Inventory Cost Flow Assumptions
5

The purpose of the general journal is to show accounting events in
their sequence.

•
ending
•
chronological