Question 1

The three main factors that contribute to fraudulent activity are depicted by the _______________.

Accepted Answer

The answer of The three main factors that contribute to...

Question 2

The information below relates to the Cash account in the ledger of Jason Company.
Balance September 1-$25700; Cash deposited-$96000.
Balance September 30-$22200; Checks written-$99500.
The September bank statement shows a balance of $24635 on September 30 and the following memoranda.   At September 30 deposits in transit were $4596 and outstanding checks totaled $3557.
Instructions
Prepare the bank reconciliation at September 30.

Accepted Answer

None

Question 3

In the month of May Kayak Company Inc. wrote checks in the amount of $65000. In June checks in the amount of $67000 were written. In May $60000 of these checks were presented to the bank for payment and $66000 in June. What is the amount of outstanding checks at the end of June?

Accepted Answer

A)  $5000 
B)  $1000 
C)  $6000 
D)  $2000 
A)  $5000 
B)  $1000 
C)  $6000 
D)  $2000

Question 4

A voucher is recorded in the ________________ and filed according to the date on which it is to be paid.

Accepted Answer

The answer of A voucher is recorded in the ________________...

Question 5

Internal control is mainly concerned with the amount of authority a supervisor over a subordinate.

Accepted Answer

A) True 
 B)False

Question 6

Blue Company is unable to reconcile the bank balance at January 31. Blue's reconciliation is as follows. $$\begin{array} { l r } 
\text { Cash balance per bank } & \$ 5,300 \
\text { Add: NSF check } & 1,490 \
\text { Less: Bank service charge } &  \underline{25 }\
\text { Adjusted balance per bank } & \$ 6,765 \\
\text { Cash balance per books } & \$ 5,905 \
\text { Less: Deposits in transit } & 950 \
\text { Add: Outstanding checks } &  \underline{1,860 }\
\text { Adjusted balance per books } &  \underline{\$ 16,815} \

\end{array}$$ Instructions
(a) Prepare a correct bank reconciliation.
(b) Journalize the entries required by the reconciliation.

Accepted Answer

None

Question 7

Allowing only the treasurer to sign checks is an example of

Accepted Answer

A)  documentation procedures. 
B)  segregation of duties. 
C)  other controls. 
D)  establishment of responsibility. 
A)  documentation procedures. 
B)  segregation of duties. 
C)  other controls. 
D)  establishment of responsibility.

Question 8

Which of the following is not one of the main factors that contribute to fraudulent activity?

Accepted Answer

A)  Opportunity. 
B)  Incompatible duties. 
C)  Financial Pressure. 
D)  Rationalization. 
A)  Opportunity. 
B)  Incompatible duties. 
C)  Financial Pressure. 
D)  Rationalization.

Question 9

Using _______________ documents is a control measure which helps in accounting for all documents in a series and also prevents a document from being recorded more than once.

Accepted Answer

The answer of Using _______________ documents is a control measure...

Question 10

The principles of internal control include all of the following except

Accepted Answer

A)  establishment of responsibility. 
B)  combining of duties. 
C)  physical mechanical and electronic controls. 
D)  independent internal verification. 
A)  establishment of responsibility. 
B)  combining of duties. 
C)  physical mechanical and electronic controls. 
D)  independent internal verification.

The three main factors that contribute to fraudulent activity are depicted by the _______________.

In the month of May Kayak Company Inc. wrote checks in the amount of $65000. In June checks in the amount of $67000 were written. In May $60000 of these checks were presented to the bank for payment and $66000 in June. What is the amount of outstanding checks at the end of June?

A voucher is recorded in the ________________ and filed according to the date on which it is to be paid.

Internal control is mainly concerned with the amount of authority a supervisor over a subordinate.

Allowing only the treasurer to sign checks is an example of

Which of the following is not one of the main factors that contribute to fraudulent activity?

Using _______________ documents is a control measure which helps in accounting for all documents in a series and also prevents a document from being recorded more than once.

The principles of internal control include all of the following except

Accounting in Action

The Recording Process

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories

Accounting Information Systems

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Corporations: Organization and Capital Stock Transactions

Corporations: Dividends, Retained Earnings, and Income Reporting

Long-Term Liabilities

Investments

Statement of Cash Flows

Financial Statement Analysis

Managerial Accounting

Job Order Costing

Process Costing

Cost-Volume-Profit

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Incremental Analysis and Capital Budgeting

Time Value of Money

Filters

Exam 8: Fraud, Internal Control, and Cash

The three main factors that contribute to fraudulent activity are depicted by the _______________.

In the month of May Kayak Company Inc. wrote checks in the amount of $65000. In June checks in the amount of $67000 were written. In May $60000 of these checks were presented to the bank for payment and $66000 in June. What is the amount of outstanding checks at the end of June?

A voucher is recorded in the ________________ and filed according to the date on which it is to be paid.

Internal control is mainly concerned with the amount of authority a supervisor over a subordinate.

Allowing only the treasurer to sign checks is an example of

Which of the following is not one of the main factors that contribute to fraudulent activity?

Using _______________ documents is a control measure which helps in accounting for all documents in a series and also prevents a document from being recorded more than once.

The principles of internal control include all of the following except

Accounting in Action

The Recording Process

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories

Accounting Information Systems

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Corporations: Organization and Capital Stock Transactions

Corporations: Dividends, Retained Earnings, and Income Reporting

Long-Term Liabilities

Investments

Statement of Cash Flows

Financial Statement Analysis

Managerial Accounting

Job Order Costing

Process Costing

Cost-Volume-Profit

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Incremental Analysis and Capital Budgeting

Time Value of Money

Filters