Reference no: EM132729615

Problem 1: Physical counts of inventory

1) Are not necessary under the perpetual system

2) Are necessary to adjust for shrinkage

3) Should be taken at least once a month

4) Are necessary to adjust for shrinkage and should be taken at least once a month

5) Are not necessary under the perpetual system and should be taken at least once a month

Problem 2: The amount an employee earns before any deductions such as EI, CPP, and income tax withholdings is the

1) Deductible pay

2) Taxable income

3) Net pay

4) Gross pay

5) Take-home pay