Question 1

Deposits in transit

Accepted Answer

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 checks from customers which 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 checks from customers which have not yet been received by the company.

Question 2

Each of the following items affect the cash balance per books except

Accepted Answer

A) bank service charges. 
B) notes collected by the bank. 
C) NSF checks. 
D) outstanding checks. 
A) bank service charges. 
B) notes collected by the bank. 
C) NSF checks. 
D) outstanding checks.

Question 3

Two individuals at a retail store work the same cash register.You evaluate this situation as

Accepted Answer

A) a violation of establishment of responsibility. 
B) a violation of segregation of duties. 
C) supporting the establishment of responsibility. 
D) supporting internal independent verification. 
A) a violation of establishment of responsibility. 
B) a violation of segregation of duties. 
C) supporting the establishment of responsibility. 
D) supporting internal independent verification.

Question 4

Jukebox Company had checks outstanding totaling $10,800 on its June bank reconciliation.In July, Jukebox Company issued checks totaling $77,800.The July bank statement shows that $76,600 in checks cleared the bank in July.A check from one of Jukebox Company's customers for $1,000 was also returned marked "NSF." The amount of outstanding checks on Jukebox Company's July bank reconciliation should be

Accepted Answer

A) $1,200. 
B) $11,000. 
C) $12,000. 
D) $13,000. 
A) $1,200. 
B) $11,000. 
C) $12,000. 
D) $13,000.

Question 5

Cash equivalents are highly liquid investments that can be converted into a specific amount of cash with maturities of

Accepted Answer

A) 1 month or less when purchased. 
B) 3 months or less when purchased. 
C) 6 months or less when purchased. 
D) 1 year or less when purchased. 
A) 1 month or less when purchased. 
B) 3 months or less when purchased. 
C) 6 months or less when purchased. 
D) 1 year or less when purchased.

Question 6

The daily cash count of cash register receipts made by department supervisors is an example of

Accepted Answer

A) other controls. 
B) independent internal verification. 
C) establishment of responsibility. 
D) segregation of duties. 
A) other controls. 
B) independent internal verification. 
C) establishment of responsibility. 
D) segregation of duties.

Deposits in transit

Each of the following items affect the cash balance per books except

Two individuals at a retail store work the same cash register.You evaluate this situation as

Cash equivalents are highly liquid investments that can be converted into a specific amount of cash with maturities of

The daily cash count of cash register receipts made by department supervisors is an example of

Accounting in Action

The Recording Process

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories

Accounting for Receivables

Plant Assets, Natural Resources and Intangible Assets

Liabilities

Corporations: Organisations, Stock Transactions and Stockholders Equity

Statement of Cash Flows

Financial Analysis: the Big Picture

Time Value of Money

Payroll Accounting

Other Significant Liabilities

Filters

Exam 7: Fraud, Internal Control and Cash

Deposits in transit

Each of the following items affect the cash balance per books except

Two individuals at a retail store work the same cash register.You evaluate this situation as

Cash equivalents are highly liquid investments that can be converted into a specific amount of cash with maturities of

The daily cash count of cash register receipts made by department supervisors is an example of

Accounting in Action

The Recording Process

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories

Accounting for Receivables

Plant Assets, Natural Resources and Intangible Assets

Liabilities

Corporations: Organisations, Stock Transactions and Stockholders Equity

Statement of Cash Flows

Financial Analysis: the Big Picture

Time Value of Money

Payroll Accounting

Other Significant Liabilities

Filters