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A good system of internal controls requires that the physical custody of assets be separated from the accounting for those assets. This concept is known as safeguarding assets and records. True False
A good system of internal controls requires that the physical custody of assets be separated from the accounting for those assets. This concept is known as safeguarding assets and records. FALSE.
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Asked 3/4/2013 5:42:16 PM
Updated 101 days ago|12/9/2018 6:30:33 PM
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Edited by Masamune [12/9/2018 6:30:17 PM]
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A good system of internal controls requires that the physical custody of assets be separated from the accounting for those assets. This concept is known as safeguarding assets and records. FALSE.
Added 101 days ago|12/9/2018 6:30:33 PM
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5. Whether LIFO costing is applied at the time each sale is made or only at the end of the period, both the periodic and perpetual systems will yield the same ending inventory under LIFO. (Points : 5) True False
Question
Updated 3/14/2016 6:56:56 PM
1 Answer/Comment
Whether LIFO costing is applied at the time each sale is made or only at the end of the period, both the periodic and perpetual systems will yield the same ending inventory under LIFO. False.
Added 3/14/2016 6:56:56 PM
This answer has been confirmed as correct and helpful.
Confirmed by Andrew. [3/14/2016 10:42:04 PM]
8. Plant assets, current assets, property, plant and equipment, and fixed assets are all tangible assets. (Points : 5) True False
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Updated 3/22/2017 9:00:55 AM
1 Answer/Comment
Plant assets, current assets, property, and equipment, and fixed assets are all tangible assets. TRUE.
Added 3/22/2017 9:00:55 AM
This answer has been confirmed as correct and helpful.
Confirmed by Andrew. [3/22/2017 11:38:19 AM]
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