A) have been recorded on the company's books but not yet by the bank. B) have been recorded by the bank but not yet by the company. C) have not been recorded by the bank or the company. D) are customers' checks that have not yet been received by the company. A) have been recorded on the company's books but not yet by the bank. B) have been recorded by the bank but not yet by the company. C) have not been recorded by the bank or the company. D) are customers' checks that have not yet been received by the company.

A) lets a depositor know the financial position of the bank as of a certain date. B) is a credit reference letter written by the depositor's bank. C) is a bill from the bank for services rendered. D) shows the activities that increased or decreased the depositor's account balance. A) lets a depositor know the financial position of the bank as of a certain date. B) is a credit reference letter written by the depositor's bank. C) is a bill from the bank for services rendered. D) shows the activities that increased or decreased the depositor's account balance.

Exam 7: Fraud, Internal Control, and Cash

The following credit sales are budgeted by Gonzalez Company: The company's past experience indicates that 80% of the accounts receivable are collected in the month of sale, 20% in the month following the sale.The anticipated cash inflow for the month of April is

(Multiple Choice)

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Question 21

For efficiency of operations and better control over cash, a company should maintain only one bank account.

(True/False)

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Question 22

Which statement regarding negative cash balances is true?

(Multiple Choice)

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Question 23

A bank reconciliation should be prepared

(Multiple Choice)

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Question 24

If the cash budget showed a projected cash shortage, the company would most likely

(Multiple Choice)

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Question 25

A basic principle of cash management is to increase the speed of paying liabilities.

(True/False)

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Question 26

All of the following actions would strengthen internal control over a petty cash fund except

(Multiple Choice)

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Question 27

Deposits in transit

(Multiple Choice)

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Question 28

For which of the following errors should the appropriate amount be added to the balance per bank on a bank reconciliation?

(Multiple Choice)

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Question 29

A bank statement

(Multiple Choice)

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Question 30

Under the concept of establishment of responsibility, how many people should have the ultimate responsibility?

(Multiple Choice)

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Question 31

Supervisors counting cash receipts daily is an example of

(Multiple Choice)

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Question 32

Which of the following would be deducted from the balance per bank on a bank reconciliation?

(Multiple Choice)

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Question 33

The safeguarding of assets is an objective of a company's system of internal control.

(True/False)

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Question 34

Having one person responsible for the related activities of ordering merchandise, receiving goods, and paying for them

(Multiple Choice)

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Question 35

Management of cash is the responsibility of the company

(Multiple Choice)

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Question 36

The following information was taken from Niland Company cash budget for the month of April If the company has a policy of maintaining an end of the month cash balance of $100,000, the amount the company would have to borrow is

(Multiple Choice)

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Question 37

Which one of the following is not an objective of a system of internal controls?

(Multiple Choice)

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Question 38

Internal controls are concerned with

(Multiple Choice)

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Question 39

The responsibility for ordering, receiving, and paying for merchandise should be assigned to different individuals.

(True/False)

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Question 40

Showing 21 - 40 of 195

The following credit sales are budgeted by Gonzalez Company: The company's past experience indicates that 80% of the accounts receivable are collected in the month of sale, 20% in the month following the sale.The anticipated cash inflow for the month of April is

For efficiency of operations and better control over cash, a company should maintain only one bank account.

Which statement regarding negative cash balances is true?

A bank reconciliation should be prepared

If the cash budget showed a projected cash shortage, the company would most likely

A basic principle of cash management is to increase the speed of paying liabilities.

All of the following actions would strengthen internal control over a petty cash fund except

Deposits in transit

For which of the following errors should the appropriate amount be added to the balance per bank on a bank reconciliation?

A bank statement

Under the concept of establishment of responsibility, how many people should have the ultimate responsibility?

Supervisors counting cash receipts daily is an example of

Which of the following would be deducted from the balance per bank on a bank reconciliation?

The safeguarding of assets is an objective of a company's system of internal control.

Having one person responsible for the related activities of ordering merchandise, receiving goods, and paying for them

Management of cash is the responsibility of the company

The following information was taken from Niland Company cash budget for the month of April If the company has a policy of maintaining an end of the month cash balance of $100,000, the amount the company would have to borrow is

Which one of the following is not an objective of a system of internal controls?

Internal controls are concerned with

The responsibility for ordering, receiving, and paying for merchandise should be assigned to different individuals.

Introduction to Financial Statements

A Further Look at Financial Statements

The Accounting Information System

Accrual Accounting Concepts

Merchandising Operations and the Multiple-Step Income Statement

Reporting and Analyzing Inventory

Reporting and Analyzing Receivables

Reporting and Analyzing Long-Lived Assets

Reporting and Analyzing Liabilities

Reporting and Analyzing Stockholders Equity

Statement of Cash Flows

Financial Analysis: The Big Picture

Understanding Investments in Debt and Equity Securities

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