The following information was taken from Molina Company's cash budget for the month of November: $\begin{array}{lr} \text { Beginning cash balance } & \$ 144,000 \\ \text { Cash receipts } & 174,000 \\ \text { Cash disbursements } & 240,000 \end{array}$ If the company has a policy of maintaining an end-of-the-month cash balance of $120000 the amount the company would have to borrow is

A) $66000. B) $0. C) $42000. D) $120000. A) $66000. B) $0. C) $42000. D) $120000.

At April 30 Mendoza Company has the following bank information: \[\begin{array} { l r } \text { Cash balance per bank } & \$ 3,600 \\ \text { Outstanding checks } & \$ 280 \\ \text { Deposits in transit } & \$ 550 \\ \text { Credit memo for interest } & \$ 10 \\ \text { Bank service charge } & \$ 20 \end{array}\] What is Mendoza's adjusted cash balance on April 30?

A) $3860. B) $3880. C) $3330. D) $3870. A) $3860. B) $3880. C) $3330. D) $3870.

Higgins Company gathered the following reconciling information in preparing its October bank reconciliation: $\begin{array}{lr} \text { Cash balance per books, } 10 / 31 & \$ 16,800 \\ \text { Deposits in transit } & 600 \\ \text { Notes receivable and interest collected by bank } & 3,400 \\ \text { Bank charge for check printing } & 80 \\ \text { Outstanding checks } & 8,000 \\ \text { NSF check } & 680 \end{array}$ The adjusted cash balance per books on October 31 is

A) $18840. B) $16040. C) $11440. D) $19440. A) $18840. B) $16040. C) $11440. D) $19440.

Dobler Company gathered the following reconciling information in preparing its June bank reconciliation: $\begin{array}{lr} \text { Cash balance per books, 6/30 } & \$ 12,600 \\ \text { Deposits in transit } & 900 \\ \text { Notes receivable and interest collected by bank } & 2,220 \\ \text { Bank charge for check printing } & 75 \\ \text { Outstanding checks } & 4,500 \\ \text { NSF check } & 420 \end{array}$ The adjusted cash balance per books on June 30 is

A) $15225. B) $14820. C) $14325. D) $15165. A) $15225. B) $14820. C) $14325. D) $15165.

Exam 5: Fraud, Internal Control, and Cash

Expected direct materials purchases for Wade Company are $630000 in the first quarter and $810000 in the second quarter.Forty percent of the purchases are paid in cash as incurred and the balance is paid in the following quarter.The budgeted cash payments for purchases in the second quarter are:

(Multiple Choice)

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Question 121

Larson Company gathered the following reconciling information in preparing its August bank reconciliation: Cash balance per books, 8/31 \ 34,800 Deposits in transit 1,200 Bank charge for check printing 160 Outstanding checks 16,000 NSF check 1,360 Use the following tabular analysis to determine the impact of the required adjustments to Larson's Cash account: $Larson Company gathered the following reconciling information in preparing its August bank reconciliation: \begin{array} { l r } \text { Cash balance per books, } 8 / 31 & \$ 34,800 \\ \text { Deposits in transit } & 1,200 \\ \text { Bank charge for check printing } & 160 \\ \text { Outstanding checks } & 16,000 \\ \text { NSF check } & 1,360 \end{array} Use the following tabular analysis to determine the impact of the required adjustments to Larson's Cash account:$

(Multiple Choice)

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Question 122

An employee authorized to sign checks should not record

(Multiple Choice)

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Question 123

The following information was taken from Molina Company's cash budget for the month of November: Beginning cash balance \ 144,000 Cash receipts 174,000 Cash disbursements 240,000 If the company has a policy of maintaining an end-of-the-month cash balance of $120000 the amount the company would have to borrow is

(Multiple Choice)

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(43)

Question 124

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

(Multiple Choice)

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Question 125

All of the following are true regarding bank statements except

(Multiple Choice)

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Question 126

Which of the following is not a basic principle of cash management?

(Multiple Choice)

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Question 127

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

(Multiple Choice)

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Question 128

An effective system of internal control requires that at least two individuals be assigned to one cash drawer so that each can serve as check on the other.

(True/False)

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Question 129

All of the following are true regarding the management and monitoring of cash except

(Multiple Choice)

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Question 130

At April 30 Mendoza Company has the following bank information: Cash balance per bank \ 3,600 Outstanding checks \ 280 Deposits in transit \ 550 Credit memo for interest \ 10 Bank service charge \ 20 What is Mendoza's adjusted cash balance on April 30?

(Multiple Choice)

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Question 131

A company's past experience indicates that 60% of its credit sales are collected in the month of sale 30% in the next month and 5% in the second month after the sale; the remainder is never collected.Budgeted credit sales were: July \ 300,000 August 180,000 September 450,000 The cash inflow in the month of September is expected to be

(Multiple Choice)

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Question 132

Higgins Company gathered the following reconciling information in preparing its October bank reconciliation: Cash balance per books, 10/31 \ 16,800 Deposits in transit 600 Notes receivable and interest collected by bank 3,400 Bank charge for check printing 80 Outstanding checks 8,000 NSF check 680 The adjusted cash balance per books on October 31 is

(Multiple Choice)

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(33)

Question 133

Control over cash disbursements is improved if major expenditures are paid by check.

(True/False)

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Question 134

A system of internal control cannot be considered good until the possibility of human error has been completely eliminated.

(True/False)

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Question 135

Dobler Company gathered the following reconciling information in preparing its June bank reconciliation: Cash balance per books, 6/30 \ 12,600 Deposits in transit 900 Notes receivable and interest collected by bank 2,220 Bank charge for check printing 75 Outstanding checks 4,500 NSF check 420 The adjusted cash balance per books on June 30 is

(Multiple Choice)

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Question 136

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

(Multiple Choice)

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Question 137

When two or more people get together for the purpose of circumventing prescribed controls it is called

(Multiple Choice)

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Question 138

A NSF check should appear in which section of the bank reconciliation?

(Multiple Choice)

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Question 139

What causes the balance on the bank statement to differ from the cash balance in the accounting records?

(Multiple Choice)

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Question 140

Showing 121 - 140 of 196

Expected direct materials purchases for Wade Company are $630000 in the first quarter and $810000 in the second quarter.Forty percent of the purchases are paid in cash as incurred and the balance is paid in the following quarter.The budgeted cash payments for purchases in the second quarter are:

An employee authorized to sign checks should not record

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

All of the following are true regarding bank statements except

Which of the following is not a basic principle of cash management?

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

An effective system of internal control requires that at least two individuals be assigned to one cash drawer so that each can serve as check on the other.

All of the following are true regarding the management and monitoring of cash except

At April 30 Mendoza Company has the following bank information: Cash balance per bank \ 3,600 Outstanding checks \ 280 Deposits in transit \ 550 Credit memo for interest \ 10 Bank service charge \ 20 What is Mendoza's adjusted cash balance on April 30?

Control over cash disbursements is improved if major expenditures are paid by check.

A system of internal control cannot be considered good until the possibility of human error has been completely eliminated.

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

When two or more people get together for the purpose of circumventing prescribed controls it is called

A NSF check should appear in which section of the bank reconciliation?

What causes the balance on the bank statement to differ from the cash balance in the accounting records?

Introduction to Financial Statements

A Further Look at Financial Statements

The Accounting Information System

Accrual Accounting Concepts

Reporting and Analyzing Long-Lived Assets

Reporting and Analyzing Liabilities and Stockholders Equity

Financial Analysis: the Big Picture

Managerial Accounting

Cost-Volume-Profit

Incremental Analysis

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Planning for Capital Investments

Activity Based Costing

Cost-Volume Profit Analysis: Additional Issues

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