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A company has inventory of 100 units at a cost of $10 each on June 1. On June 3, it purchased 200 units at $12 each. 120 units are sold on June 5. Using the FIFO perpetual inventory method, what is the cost of the 12 units that were sold? ( )

A. $1200.
B. $1240.
C. $1280.
D. $1300.

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If assets are $99,000 , and liabilities are $32,000, then equity equals ( )

A. $32,000.
B. $67,000.
C. $99,000.
D. $131,000.

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If the assets of a business increased $89,000 , during a period of time and its liabilities increased $67,000 during the same period, equity in the business must have ( )

A. Increased $22,000.
B. Decreased $22,000.
C. Increased $89,000.
Decreased $156,000.

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With advanced technology there is no need to trace information that has been entered into an accounting information system to its source.( )

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All of the following statements regarding internal control procedures are true except: ( )

A. Internal control procedures are designed to ensure reliable financial reports.
B. Internal control procedures are designed to safeguards company assets.
C. Internal control procedures include methods to achieve compliance with laws and regulation.
D. Internal control procedures are not affected by the cost-benefit principle.

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A company has inventory of 100 units at a cost of $10 each on June 1. On June 3, it purchased 200 units at $12 each. 120 units are sold on June 5. Using the FIFO perpetual inventory method, what is the cost of the 12 units that were sold? ( )

A. $1200. B. $1240. C. $1280. D. $1300.

If assets are $99,000 , and liabilities are $32,000, then equity equals ( )

If the assets of a business increased $89,000 , during a period of time and its liabilities increased $67,000 during the same period, equity in the business must have ( )

With advanced technology there is no need to trace information that has been entered into an accounting information system to its source.( )

All of the following statements regarding internal control procedures are true except: ( )

A. $1200.
B. $1240.
C. $1280.
D. $1300.