Question 1

Cash register schemes are a form of __________.

Accepted Answer

employee e

Question 2

A bank statement shows the:

Accepted Answer

A)  ending book balance as of a specific date. 
B)  ending bank balance as of a specific date. 
C)  reconciled balance as of a specific date. 
D)  book errors as of a specific date. 
E)  beginning book balance. 
A)  ending book balance as of a specific date. 
B)  ending bank balance as of a specific date. 
C)  reconciled balance as of a specific date. 
D)  book errors as of a specific date. 
E)  beginning book balance.

Question 3

An employee authorizing payments to a supplier for goods not delivered to the employer would be an example of a __________.

Accepted Answer

The answer of An employee authorizing payments to a supplier...

Question 4

Internal control systems are the same in all companies.

Accepted Answer

A) True 
 B)False

Question 5

To ensure that the guidelines for right behavior are followed, a corporation should follow:

Accepted Answer

A)  ethical principles. 
B)  accounting law. 
C)  the leaders in their category of business. 
D)  the corporate culture. 
E)  competitive law. 
A)  ethical principles. 
B)  accounting law. 
C)  the leaders in their category of business. 
D)  the corporate culture. 
E)  competitive law.

Question 6

The Sarbanes-Oxley Act in the United States applies to __________-.

Accepted Answer

all public

Question 7

Differences between when a company records a transaction and when the bank records the same transaction are called "timing" differences.

Accepted Answer

A) True 
 B)False

Question 8

Record the necessary journal entries from the following bank reconciliation information for June 30, 2012.

Accepted Answer

The answer of Record the necessary journal entries from the...

Question 9

Under SOX, the external auditors must now report to __________.

Accepted Answer

The answer of Under SOX, the external auditors must now...

Question 10

In a broad sense, fraud is the use of deception or trickery for personal gain.

Accepted Answer

A) True 
 B)False

Question 11

Honesty, fairness, and integrity are all a part of:

Accepted Answer

A)  ethical law. 
B)  ethical behavior. 
C)  accounting law. 
D)  GAAP. 
E)  IFRS principles. 
A)  ethical law. 
B)  ethical behavior. 
C)  accounting law. 
D)  GAAP. 
E)  IFRS principles.

Question 12

Cash consists of anything that a bank will take as a deposit.

Accepted Answer

A) True 
 B)False

Question 13

An organization's employees are usually responsible for fraud that is committed by a business organization.

Accepted Answer

A) True 
 B)False

Question 14

A company may be limited in its internal control procedures because the cost of hiring enough people to implement the procedures:

Accepted Answer

A)  outweighs the benefits of the system. 
B)  has nothing to do with the effectiveness of the internal control system. 
C)  can prevent collusion. 
D)  can limit employee distractions. 
E)  can make employees scared. 
A)  outweighs the benefits of the system. 
B)  has nothing to do with the effectiveness of the internal control system. 
C)  can prevent collusion. 
D)  can limit employee distractions. 
E)  can make employees scared.

Question 15

Winnipeg Equipment established a petty cash fund of $500 on January 1. On June 1, Winnipeg Equipment wants to decrease the size of the fund to $400. Prepare the journal entry to record the change to the fund.

Accepted Answer

The answer of Winnipeg Equipment established a petty cash fund...

Question 16

Provide examples of good control activities.

Accepted Answer

1. Changing password

Question 17

Prepare a bank reconciliation for Cindy Company for July 31, 2013 from the following information:

Accepted Answer

Cindy Comp

Question 18

A business has great control over perceived pressure felt by an employee.

Accepted Answer

A) True 
 B)False

Question 19

The total of cash in the petty cash box plus the amount of the petty cash ticket receipts never total the beginning amount of the petty cash fund.

Accepted Answer

A) True 
 B)False

Question 20

Identify the element of internal control in the below chart.

Accepted Answer

The answer of Identify the element of internal control in...

Cash register schemes are a form of __________.

A bank statement shows the:

An employee authorizing payments to a supplier for goods not delivered to the employer would be an example of a __________.

Internal control systems are the same in all companies.

To ensure that the guidelines for right behavior are followed, a corporation should follow:

The Sarbanes-Oxley Act in the United States applies to __________-.

Differences between when a company records a transaction and when the bank records the same transaction are called "timing" differences.

Record the necessary journal entries from the following bank reconciliation information for June 30, 2012.

Under SOX, the external auditors must now report to __________.

In a broad sense, fraud is the use of deception or trickery for personal gain.

Honesty, fairness, and integrity are all a part of:

Cash consists of anything that a bank will take as a deposit.

An organization's employees are usually responsible for fraud that is committed by a business organization.

A company may be limited in its internal control procedures because the cost of hiring enough people to implement the procedures:

Winnipeg Equipment established a petty cash fund of $500 on January 1. On June 1, Winnipeg Equipment wants to decrease the size of the fund to $400. Prepare the journal entry to record the change to the fund.

Provide examples of good control activities.

Prepare a bank reconciliation for Cindy Company for July 31, 2013 from the following information:

A business has great control over perceived pressure felt by an employee.

The total of cash in the petty cash box plus the amount of the petty cash ticket receipts never total the beginning amount of the petty cash fund.

Identify the element of internal control in the below chart.

Business, Accounting, and You

Analyzing and Recording Business Transactions

Adjusting and Closing Entries

Accounting for a Merchandising Business

Inventory

Sales and Receivables

Long-Term Assets

Current Liabilities and Long-Term Debt

Corporations: Share Capital and Retained Earnings

The Cash Flow Statement

Financial Statement Analysis

Filters

Exam 4: Ethics, Internal Control, and Cash

Cash register schemes are a form of __________.

A bank statement shows the:

An employee authorizing payments to a supplier for goods not delivered to the employer would be an example of a __________.

Internal control systems are the same in all companies.

To ensure that the guidelines for right behavior are followed, a corporation should follow:

The Sarbanes-Oxley Act in the United States applies to __________-.

Differences between when a company records a transaction and when the bank records the same transaction are called "timing" differences.

Record the necessary journal entries from the following bank reconciliation information for June 30, 2012.

Under SOX, the external auditors must now report to __________.

In a broad sense, fraud is the use of deception or trickery for personal gain.

Honesty, fairness, and integrity are all a part of:

Cash consists of anything that a bank will take as a deposit.

An organization's employees are usually responsible for fraud that is committed by a business organization.

A company may be limited in its internal control procedures because the cost of hiring enough people to implement the procedures:

Winnipeg Equipment established a petty cash fund of $500 on January 1. On June 1, Winnipeg Equipment wants to decrease the size of the fund to $400. Prepare the journal entry to record the change to the fund.

Provide examples of good control activities.

Prepare a bank reconciliation for Cindy Company for July 31, 2013 from the following information:

A business has great control over perceived pressure felt by an employee.

The total of cash in the petty cash box plus the amount of the petty cash ticket receipts never total the beginning amount of the petty cash fund.

Identify the element of internal control in the below chart.

Business, Accounting, and You

Analyzing and Recording Business Transactions

Adjusting and Closing Entries

Accounting for a Merchandising Business

Inventory

Sales and Receivables

Long-Term Assets

Current Liabilities and Long-Term Debt

Corporations: Share Capital and Retained Earnings

The Cash Flow Statement

Financial Statement Analysis

Filters