Question 1

If a bank statement included a bank collection of a note receivable and the related interest revenue, the journal entry to record this item should include a:

Accepted Answer

A) debit to Note Receivable and a credit to Cash. 
B) debit to Cash and a credit to Note Receivable. 
C) debit to Cash, credit to Note Receivable, and credit to Interest Revenue. 
D) debit to Note Payable, credit to Cash and credit to Interest Revenue. 
A) debit to Note Receivable and a credit to Cash. 
B) debit to Cash and a credit to Note Receivable. 
C) debit to Cash, credit to Note Receivable, and credit to Interest Revenue. 
D) debit to Note Payable, credit to Cash and credit to Interest Revenue.

Question 2

The two most common types of fraud impacting the financial statements are:

Accepted Answer

A) fraudulent financial reporting and e-commerce fraud. 
B) misappropriation of assets and embezzlement. 
C) fraudulent financial reporting and misappropriation of assets. 
D) cooking the books and fraudulent financial reporting. 
A) fraudulent financial reporting and e-commerce fraud. 
B) misappropriation of assets and embezzlement. 
C) fraudulent financial reporting and misappropriation of assets. 
D) cooking the books and fraudulent financial reporting.

Question 3

When preparing a bank reconciliation, which of the following items should be added to the book balance?

Accepted Answer

A) EFT receipts 
B) deposits in transit 
C) collection of note receivable by bank 
D) both EFT receipts and collection of a note receivable by the bank 
A) EFT receipts 
B) deposits in transit 
C) collection of note receivable by bank 
D) both EFT receipts and collection of a note receivable by the bank

Question 4

A company has a beginning cash balance of $1000. For the year, the company estimates cash payments of $81,900. It has a desired ending cash balance of $5200 and anticipates no new financing. The estimated cash receipts are:

Accepted Answer

A) $75,700. 
B) $82,900. 
C) $80,900. 
D) $86,100. 
A) $75,700. 
B) $82,900. 
C) $80,900. 
D) $86,100.

Question 5

The treasurer conducts the final step for the receipt of cash by mail. This step includes comparing bank deposit amounts from the treasurer and the debit to Cash.

Accepted Answer

A) True 
 B)False

Question 6

A malicious program that enters program code without consent and performs destructive actions in the victim's computer files or programs is a(n):

Accepted Answer

A) encryption device. 
B) phishing expedition. 
C) computer virus. 
D) fidelity bond. 
A) encryption device. 
B) phishing expedition. 
C) computer virus. 
D) fidelity bond.

Question 7

The longer a perpetrator has worked for an organization, the lower the fraud losses tend to be.

Accepted Answer

A) True 
 B)False

Question 8

Which statement is FALSE?

Accepted Answer

A) The bookkeeper should not handle incoming checks from customers. 
B) Cashiers should not have access to the accounting records. 
C) The treasurer's department should be in charge of cash handling as well as signing and approving checks. 
D) The accounting department should be in charge of record keeping and depositing customers' checks. 
A) The bookkeeper should not handle incoming checks from customers. 
B) Cashiers should not have access to the accounting records. 
C) The treasurer's department should be in charge of cash handling as well as signing and approving checks. 
D) The accounting department should be in charge of record keeping and depositing customers' checks.

If a bank statement included a bank collection of a note receivable and the related interest revenue, the journal entry to record this item should include a:

The two most common types of fraud impacting the financial statements are:

When preparing a bank reconciliation, which of the following items should be added to the book balance?

A company has a beginning cash balance of $1000. For the year, the company estimates cash payments of $81,900. It has a desired ending cash balance of $5200 and anticipates no new financing. The estimated cash receipts are:

The treasurer conducts the final step for the receipt of cash by mail. This step includes comparing bank deposit amounts from the treasurer and the debit to Cash.

A malicious program that enters program code without consent and performs destructive actions in the victim's computer files or programs is a(n):

The longer a perpetrator has worked for an organization, the lower the fraud losses tend to be.

Which statement is FALSE?

The Financial Statements

Transaction Analysis

Accrual Accounting Income

Short-Term Investments Receivables

Inventory Cost of Goods Sold

Plant Assets, Natural Resources, Intangibles

Long-Term Investments the Time Value of Money

Liabilities

Stockholders Equity

Evaluating Performance: Earnings Quality, the Income Statement, Statement of Comprehensive Income

The Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 4: Internal Control Cash

If a bank statement included a bank collection of a note receivable and the related interest revenue, the journal entry to record this item should include a:

The two most common types of fraud impacting the financial statements are:

When preparing a bank reconciliation, which of the following items should be added to the book balance?

A company has a beginning cash balance of $1000. For the year, the company estimates cash payments of $81,900. It has a desired ending cash balance of $5200 and anticipates no new financing. The estimated cash receipts are:

The treasurer conducts the final step for the receipt of cash by mail. This step includes comparing bank deposit amounts from the treasurer and the debit to Cash.

A malicious program that enters program code without consent and performs destructive actions in the victim's computer files or programs is a(n):

The longer a perpetrator has worked for an organization, the lower the fraud losses tend to be.

Which statement is FALSE?

The Financial Statements

Transaction Analysis

Accrual Accounting Income

Short-Term Investments Receivables

Inventory Cost of Goods Sold

Plant Assets, Natural Resources, Intangibles

Long-Term Investments the Time Value of Money

Liabilities

Stockholders Equity

Evaluating Performance: Earnings Quality, the Income Statement, Statement of Comprehensive Income

The Statement of Cash Flows

Financial Statement Analysis

Filters