Which of the following accounting concepts prescribes that a company record its expenses incurred to generate the revenue reported?
- revenue recognition principle
- business entity assumption
- expense recognition principle
-cost principle
Internal control procedures for cash receipts DO NOT require that
- custody over cash is kept separate from its recordkeeping
- All collections for sales are received immediately upon making the sales
- Clerks having access to cash register should not have access to the register tape or file
-cash sales should be recorded on the cash register at the time of each sale
The Principles of internal control include:
- separate recordkeeping from the custody of assets
- maintain minimal records
- Bond all employees
-require automated sales system
Which of the following accounting concepts prescribes that a company record its expenses incurred to generate the revenue reported?
- revenue recognition principle
- business entity assumption
- expense recognition principle
-cost principle
Internal control procedures for cash receipts DO NOT require that
- custody over cash is kept separate from its recordkeeping
- All collections for sales are received immediately upon making the sales
- Clerks having access to cash register should not have access to the register tape or file
-cash sales should be recorded on the cash register at the time of each sale
The Principles of internal control include:
- separate recordkeeping from the custody of assets
- maintain minimal records
- Bond all employees
-require automated sales system