According to accounting principles, ________ and ________ should be recorded or atched in the same accounting period; failing to do so violates the matching principle of AAP.

• A.Revenue and corresponding expenses
• B.Revenue and Income statement
• C.Income statement and Long-term contracts
• D.Capitalized expenses and Liabilities

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A running count that records how much inventory should be on hand is referred to:

• A.Perpetual inventory
• B.Altered inventory
• C.Shrinking inventory
• D.Fictitious inventory

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Which of the four basic measures, if properly installed and implemented may help prevent inventory fraud?

• A.Proper documentation, segregation of duties, independent checks and inventory control
• B.Proper documentation, physical padding, independent checks and physical safeguards
• C.Proper documentation, segregation of duties, independent checks and physical safeguards
• D.prenumbered affiliations, segregation of duties, independent checks and physical safeguards

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Which of the following are used in a short-term skimming scheme?

• A.Unrecorded sales, understated sales and theft of incoming checks
• B.Understated sales, theft of incoming checks and check-for-currency substitutions
• C.Unrecorded sales, understated sales and dual endorsements
• D.False company accounts, understated sales and theft of incoming checks

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___________ and __________ are used to increase (or decrease) the equity account.

• A.Journal Entries & Credit
• B.Journal Entries & Debit
• C.None of all
• D.Journal Entries & transactions

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