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1 Quiet Phones Company has the following inventory data $ 570 2,100 July 1 7 22 Purchases Purchases Beginning inventory 30 units at $19 105 units at $20 15 units at $22 330 $3,000 cal count of merchandise inventory on July 30 reveals that there are 48 units on hand. Using the V method, the amount allocated to cost of goods sold for July is: LIFO inventory method, the amount alloca a. $930 b. $990. c. $2,010. d. $2,070. of the following is not one of the main factors that contribute to fraudulent activity? a. Opportunity. b. Incompatible duties. c. Financial pressure. d. Rationalization. 19. Internal controls are concerned with a. only manual systems of accounting. b. the extent of government regulations. C. safeguarding assets. d. preparing income tax returns 20. Under the concept of establishment of responsibility, how many people should have ultimate responsibility? a. Everyone in the organization. b. An individual and his/her supervisor. C. Only one individual. d. The CEO 21. Which one of the following items would not be considered cash? a. Coins. b. Money orders. C. Currency d. Postdated checks. 22. The reconciliation of the cash register tape with the cash in the register is an example of a. other internal controls. b. independent internal verification. c. establishment of responsibility. d. segregation of duties

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