Which of the following is on advantage of a decentralized organizational structure, as opposed to a centralized structure?

• A.Increased economies of scale
• B.Greater cost-effectiveness
• C.Strong internal controls
• D.Larger talent pool

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Which of the following access setups is appropriate in a computer environment?

• A.Yes No No No
• B.Yes No No Yes
• C.No Yes Yes No
• D.No Yes Yes Yes

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When a perpetual inventory system is used and a difference exists between the perpetual inventory amount balance and the physical inventory count. a separate entry is needed to adjust the perpetual inventory amount. Which of the following demonstrates that adjusting entry?

• A.Inventory over and short Inventory
• B.Extraordinary loss due to write-down of inventory
• C.Extraordinary loss due to write-down of inventory Allowance for inventory shortages
• D.Cost of goods sold Retained earnings appropriated for shortages

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The correct order of the following steps of the accounting cycle is:

• A.Posting, closing, adjusting, reversing.
• B.Posting, adjusting. closing. Reversing
• C.Posting, reversing, adjusting, closing.
• D.Adjusting, posting. closing. Reversing

Correct Answer: B

The order of the steps in the accounting cycle is identification and measurement of transactions and other events required to be recognized, journalization, posting from the journals to the ledgers, the development of a trial balance, adjustments to produce an adjusted trial balance. statement presentation, closing, taking a post closing trial balance optional), and making reversing enterprise optional).

On October 1, year 1, the entity paid us$ 18,000 to renew its only insurance policy for a 3year period beginning on that date this transaction has not been recorded. salaries and wages of us$1,700 have been incurred but not paid as of December 31,year1.at December 31,year 1,the balance per bank statement was US$12,000.outstanding cheaks amounted to US $,900.interest of US $40 was credited to the entity's account by the bank during December, but has not yet been entered on the books.

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