Sophia Pathways Accounting - Final Milestone (100% CORRECT)

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