Question 1

Internal control over a company's assets should NOT include the following procedures:

Accepted Answer

A)  Responsibilities and duties of employees will be divided. 
B)  All cash receipts will be accumulated until significant enough for a major deposit. 
C)  All cash payments will be made by check (except petty cash). 
D)  All of these answers are correct. 
A)  Responsibilities and duties of employees will be divided. 
B)  All cash receipts will be accumulated until significant enough for a major deposit. 
C)  All cash payments will be made by check (except petty cash). 
D)  All of these answers are correct.

Question 2

Construct the bank reconciliation for Bill's Tutoring, as of October 31, from the following information:

Accepted Answer

The answer of Construct the bank reconciliation for Bill's Tutoring,...

Question 3

The normal balance of the Petty Cash account is a credit.

Accepted Answer

A) True 
 B)False

Question 4

The entry to establish the petty cash fund debited Misc. Expense. This would cause:

Accepted Answer

A)  Revenues to be overstated. 
B)  Revenues to be understated. 
C)  Expenses to be overstated. 
D)  Expenses to be understated. 
A)  Revenues to be overstated. 
B)  Revenues to be understated. 
C)  Expenses to be overstated. 
D)  Expenses to be understated.

Question 5

When a bank credits your account, it is increasing the balance.

Accepted Answer

A) True 
 B)False

Internal control over a company's assets should NOT include the following procedures:

Construct the bank reconciliation for Bill's Tutoring, as of October 31, from the following information:

The normal balance of the Petty Cash account is a credit.

The entry to establish the petty cash fund debited Misc. Expense. This would cause:

When a bank credits your account, it is increasing the balance.

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying, Recording, and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, Plant, Equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, Dividends, Treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters

Exam 6: Banking Procedure and Control of Cash

Internal control over a company's assets should NOT include the following procedures:

Construct the bank reconciliation for Bill's Tutoring, as of October 31, from the following information:

The normal balance of the Petty Cash account is a credit.

The entry to establish the petty cash fund debited Misc. Expense. This would cause:

When a bank credits your account, it is increasing the balance.

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying, Recording, and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, Plant, Equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, Dividends, Treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters