A) Include savings accounts. B) Include checking accounts. C) Are readily converted to a known cash amount. D) Include time deposits. E) Have no immediate value. A) Include savings accounts. B) Include checking accounts. C) Are readily converted to a known cash amount. D) Include time deposits. E) Have no immediate value.

Exam 6: Reporting and Analyzing Cash,fraud,and Internal Control

The petty cash fund should be reimbursed when it is nearing zero and at the end of the accounting period when financial statements are prepared.

(True/False)

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(42)

Question 121

At the end of the day,the cash register tape shows $1,000 in cash sales but the count of cash in the register is $1,010.The proper entry to record the cash sales is:

(Multiple Choice)

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Question 122

The Sarbanes-Oxley Act (SOX)requires managers and auditors of companies whose stock is traded on an exchange to document and verify the system of internal controls.

(True/False)

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Question 123

All of the following are true of the number of days' sales uncollected ratio except:

(Multiple Choice)

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Question 124

Insuring assets and requiring all accounting personnel to have CPA licenses are two important principles of internal control.

(True/False)

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(42)

Question 125

________ includes currency,coins,and amounts on deposit in checking accounts and savings accounts.

(Short Answer)

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Question 126

A ________ is a document explaining the payment of a check.

(Short Answer)

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Question 127

The internal document that is used to notify the appropriate person that ordered goods have been received and to describe the quantities and condition of the goods is the ________.

(Short Answer)

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Question 128

The following account balances are taken from Ferguson Sports at December 31. Calculate the number of days' sales uncollected for both years.According to this analysis,is the company's collection of receivables improving? Explain.

(Essay)

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Question 129

Silver Co.has a $200 petty cash fund.At the end of the first month the accumulated receipts represent $43 for delivery expenses,$127 for merchandise inventory,and $12 for miscellaneous expenses.The fund has a balance of $18.The journal entry to record the reimbursement of the account includes a:

(Multiple Choice)

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Question 130

The following information is available for Fenton Manufacturing Company at June 30: Based on this information,Fenton Manufacturing Company should report Cash and Cash Equivalents on June 30 of:

(Multiple Choice)

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Question 131

Assume that the custodian of a $450 petty cash fund has $65 in coins and currency plus $382 in receipts at the end of the month.The entry to replenish the petty cash fund will include:

(Multiple Choice)

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Question 132

The impact of technology on internal controls includes:

(Multiple Choice)

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Question 133

A remittance advice is a(n):

(Multiple Choice)

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Question 134

According to good internal control policies,a person who controls an asset also maintains that asset's accounting records.

(True/False)

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Question 135

The document that the purchasing department prepares and sends to the vendor to place an order is called the:

(Multiple Choice)

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Question 136

Freeman Co.had net sales of $4.2 million and ending accounts receivable of $0.8 million.Its days' sales uncollected equals: (Use 365 days a year.)

(Multiple Choice)

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Question 137

A debit memorandum on a bank statement indicates:

(Multiple Choice)

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Question 138

Most large thefts occur from payment of fictitious invoices,which makes control of cash disbursements especially important for companies.

(True/False)

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Question 139

Cash equivalents:

(Multiple Choice)

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Question 140

Showing 121 - 140 of 210

The petty cash fund should be reimbursed when it is nearing zero and at the end of the accounting period when financial statements are prepared.

At the end of the day,the cash register tape shows $1,000 in cash sales but the count of cash in the register is $1,010.The proper entry to record the cash sales is:

The Sarbanes-Oxley Act (SOX)requires managers and auditors of companies whose stock is traded on an exchange to document and verify the system of internal controls.

All of the following are true of the number of days' sales uncollected ratio except:

Insuring assets and requiring all accounting personnel to have CPA licenses are two important principles of internal control.

________ includes currency,coins,and amounts on deposit in checking accounts and savings accounts.

A ________ is a document explaining the payment of a check.

The internal document that is used to notify the appropriate person that ordered goods have been received and to describe the quantities and condition of the goods is the ________.

The following account balances are taken from Ferguson Sports at December 31. Calculate the number of days' sales uncollected for both years.According to this analysis,is the company's collection of receivables improving? Explain.

Silver Co.has a $200 petty cash fund.At the end of the first month the accumulated receipts represent $43 for delivery expenses,$127 for merchandise inventory,and $12 for miscellaneous expenses.The fund has a balance of $18.The journal entry to record the reimbursement of the account includes a:

The following information is available for Fenton Manufacturing Company at June 30: Based on this information,Fenton Manufacturing Company should report Cash and Cash Equivalents on June 30 of:

Assume that the custodian of a $450 petty cash fund has $65 in coins and currency plus $382 in receipts at the end of the month.The entry to replenish the petty cash fund will include:

The impact of technology on internal controls includes:

A remittance advice is a(n):

According to good internal control policies,a person who controls an asset also maintains that asset's accounting records.

The document that the purchasing department prepares and sends to the vendor to place an order is called the:

Freeman Co.had net sales of $4.2 million and ending accounts receivable of $0.8 million.Its days' sales uncollected equals: (Use 365 days a year.)

A debit memorandum on a bank statement indicates:

Most large thefts occur from payment of fictitious invoices,which makes control of cash disbursements especially important for companies.

Cash equivalents:

Introducing Financial Statements

Financial Statements and the Accounting System

Adjusting Accounts for Financial Statements

Reporting and Analyzing Merchandising Operations

Reporting and Analyzing Inventories

Reporting and Analyzing Receivables

Reporting and Analyzing Long-Term Assets

Reporting and Analyzing Current Liabilities

Reporting and Analyzing Long-Term Liabilities

Reporting and Analyzing Equity

Reporting and Analyzing Cash Flows

Analyzing and Interpreting Financial Statements

Applying Present and Future Values

Investments

International Operations

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