Internal Control And Cash, Accounting

Internal Control And Cash

Question: Internal control is used in a business to enhance the accuracy and reliability of its accounting records and to:
A
safeguard its assets.

B
prevent fraud.

C
produce correct financial statements.

D
deter employee dishonesty.

Note: Not available
1. Report
Question: The principle of internal control do not include:
A
establishment of responsibility.

B
documentation procedures.

C
management responsibility.

D
independent internal verification.

Note: Not available
1. Report
Question: Physical controls do not include:
A
safes and vaults to store cash.

B
independent bank reconciliations.

C
locked warehouses for inventories.

D
bank safety deposit boxes for important parpers.

Note: Not available
1. Report
Question: The use of prenumbered checks in disbursing cash is an application of the principle of:
A
establishment of responsibility.

B
segregation of duties.

C
physical, mechanical and electronic controls.

D
documentation procedures.

Note: Not available
1. Report
Question: A check is written to replenish a $100 petty cash fund when the fund contains receipts of $94 and $3 in cash. In recording the check,
A
Cash over and short should be debited for $3.

B
Petty cash should be credited for $94.

C
Cash should be credited for $94.

D
Petty cash should be credited for $3.

Note: Not available
1. Report
Question: The control features of a bank account do not include:
A
having bank auditors verify the correctness of the bank balance per books.

B
minimizing the amount of cash that must be kept on hand.

C
providing a double record of all bank transactions.

D
safeguarding cash by using a bank as a depository.

Note: Not available
1. Report
Question: In a bank reconciliation, deposit in transit are:
A
deducted from the book balance.

B
added to the book balance.

C
added to the bank balance.

D
deducted from the bank balance.

Note: Not available
1. Report
Question: The reconciling item in a bank reconciliation that will result in an adjusting entry by the depositor is:
A
outstanding checks.

B
deposit in transit.

C
a bank error

D
bank service charges.

Note: Not available
1. Report
Question: The statement that correctly describes the reporting of cash is:
A
cash cannot be combined with cash equivalents.

B
restricted cash funds may be combined with cash.

C
cash is listed first in the current assets section.

D
restricted cash funds cannot reported as a current asset.

Note: Not available
1. Report

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Question: Internal control is used in a business to enhance the accuracy and reliability of its accounting records and to:

Question: The principle of internal control do not include:

Question: Physical controls do not include:

Question: The use of prenumbered checks in disbursing cash is an application of the principle of:

Question: A check is written to replenish a $100 petty cash fund when the fund contains receipts of $94 and $3 in cash. In recording the check,

Question: The control features of a bank account do not include:

Question: In a bank reconciliation, deposit in transit are:

Question: The reconciling item in a bank reconciliation that will result in an adjusting entry by the depositor is:

Question: The statement that correctly describes the reporting of cash is: