Exam 5: Fraud, Internal Control, and Cash
Exam 1: Introduction to Financial Statements183 Questions
Exam 2: A Further Look at Financial Statements99 Questions
Exam 3: The Accounting Information System163 Questions
Exam 4: Accrual Accounting Concepts213 Questions
Exam 5: Fraud, Internal Control, and Cash196 Questions
Exam 6: Reporting and Analyzing Long-Lived Assets195 Questions
Exam 7: Reporting and Analyzing Liabilities and Stockholders Equity220 Questions
Exam 8: Financial Analysis: the Big Picture247 Questions
Exam 9: Managerial Accounting205 Questions
Exam 10: Cost-Volume-Profit149 Questions
Exam 11: Incremental Analysis150 Questions
Exam 12: Budgetary Planning156 Questions
Exam 13: Budgetary Control and Responsibility Accounting166 Questions
Exam 14: Standard Costs and Balanced Scorecard135 Questions
Exam 15: Planning for Capital Investments127 Questions
Exam 16: Activity Based Costing155 Questions
Exam 17: Cost-Volume Profit Analysis: Additional Issues111 Questions
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One example of a periodic independent verification is the bank reconciliation.
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(True/False)
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Correct Answer:
True
Cash equivalents include money market accounts commercial paper and U.S.treasury bills held for ninety days or less.
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(True/False)
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Correct Answer:
True
Internal control is defined in part as a plan that safeguards
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(Multiple Choice)
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Correct Answer:
B
During May a check written by Pacifica Company for $167 for the purchase of supplies was incorrectly recorded by Pacifica for $176.The check was properly processed by the bank for $167.Use the following tabular analysis to determine the impact of the adjusting entry on Pacifica's accounts: 

(Multiple Choice)
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Which one of the following is not an objective of a system of internal controls?
(Multiple Choice)
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The safeguarding of assets is an objective of a company's system of internal control.
(True/False)
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Which of the following is an example of a bank reconciliation item that requires an adjustment to the company's records?
(Multiple Choice)
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Which of the following is not an internal control activity for cash?
(Multiple Choice)
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Which of the following would be added to the balance per bank on a bank reconciliation?
(Multiple Choice)
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Allowing only the treasurer to sign checks is an example of
(Multiple Choice)
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Petersen Company is preparing a cash budget for September.The company's cash balance on September 1 is $23200.The company anticipates cash receipts of $111800 and cash disbursements of $117320.If Petersen desires a cash balance of $24000 it must
(Multiple Choice)
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A check correctly written and paid by the bank for $628 during May had been incorrectly recorded on Boisclair Company's books for $682.The payment was for prepaid insurance.Use the following tabular analysis to determine the impact of the adjusting entry on Boisclair's accounts: 

(Multiple Choice)
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In large companies the independent internal verification procedure is often assigned to
(Multiple Choice)
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When one individual is responsible for all related activities the potential for errors and irregularities is decreased.
(True/False)
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