Question 1

Sarbanes-Oxley has not influenced Canadian standards.

Accepted Answer

A) True 
 B)False

Question 2

Deposits in transit are:

Accepted Answer

A)  subtracted from the book balance. 
B)  added to the book balance. 
C)  subtracted from the bank balance. 
D)  added to the bank balance. 
E)  not part of the bank reconciliation. 
A)  subtracted from the book balance. 
B)  added to the book balance. 
C)  subtracted from the bank balance. 
D)  added to the bank balance. 
E)  not part of the bank reconciliation.

Question 3

Having security measures, proper authorization channels, and restricted access to assets is an example of what element of internal control?

Accepted Answer

The answer of Having security measures, proper authorization channels, and...

Question 4

The following information is for Pins & Needles Inc for September.
Requirements:
A. Prepare the journal entry to record the transactions below.
B. Determine the cash balance in the general ledger. Show the general ledger account.

Accepted Answer

Part A
 @#IMG-DLM&

Question 5

The Pumpkin Party Company deposited $1,000 into its bank account, but the bank statement does not show the deposit. This $1,000 is an example of a(n) __________.

Accepted Answer

The answer of The Pumpkin Party Company deposited $1,000 into...

Question 6

Record the necessary journal entries from the following bank reconciliation information for July 31,2013:

Accepted Answer

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

Question 7

Being unethical is the same thing as being unlawful.

Accepted Answer

A) True 
 B)False

Question 8

Embezzlement usually involves the misappropriation of business:

Accepted Answer

A)  equity by an employee. 
B)  liabilities by an employee. 
C)  assets by an employee. 
D)  information by an employee. 
E)  equity by non-employees. 
A)  equity by an employee. 
B)  liabilities by an employee. 
C)  assets by an employee. 
D)  information by an employee. 
E)  equity by non-employees.

Question 9

Internal control is a comprehensive system that helps an organization do all of the following EXCEPT:

Accepted Answer

A)  safeguard assets. 
B)  safeguard liabilities. 
C)  operate efficiently and effectively. 
D)  ensure compliance with applicable laws and regulations. 
E)  ensure happy employees. 
A)  safeguard assets. 
B)  safeguard liabilities. 
C)  operate efficiently and effectively. 
D)  ensure compliance with applicable laws and regulations. 
E)  ensure happy employees.

Question 10

The delegation of authority and leadership is part of the control environment of an internal control system.

Accepted Answer

A) True 
 B)False

Question 11

Streamlined payment procedures now involve the use of electronic data interchange and electronic funds transfer between and among suppliers and merchandisers.

Accepted Answer

A) True 
 B)False

Question 12

Receiving favours from a supplier by turning a blind eye to the delivery of inferior goods is a form of __________.

Accepted Answer

The answer of Receiving favours from a supplier by turning...

Question 13

A petty cash fund is established by making a cheque payable to cash, cashing the cheque, and placing the funds in a safe, locked location.

Accepted Answer

A) True 
 B)False

Question 14

An employee may embezzle by taking bribes or kickbacks from:

Accepted Answer

A)  suppliers. 
B)  customers. 
C)  both suppliers and customers. 
D)  shareholders of the company. 
E)  management. 
A)  suppliers. 
B)  customers. 
C)  both suppliers and customers. 
D)  shareholders of the company. 
E)  management.

Question 15

Identify each of the following examples as an element of internal control.

Accepted Answer

The answer of Identify each of the following examples as...

Question 16

Under SOX, the Chief Executive Officer and Chief Financial Officer must sign off on:

Accepted Answer

A)  all annual reports by the company. 
B)  all quarterly reports by the company. 
C)  all annual or quarterly reports by the company. 
D)  the external auditor's opinion. 
E)  monthly expenses. 
A)  all annual reports by the company. 
B)  all quarterly reports by the company. 
C)  all annual or quarterly reports by the company. 
D)  the external auditor's opinion. 
E)  monthly expenses.

Question 17

In dealing with ethics, saying "Do as I say, not as I do" works very well.

Accepted Answer

A) True 
 B)False

Question 18

Newfoundland Equipment established a petty cash fund of $500 on January 1. Prepare the journal entry to record the creation of the fund.

Accepted Answer

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

Question 19

The ________ usually assumes responsibility for the custody of cash.

Accepted Answer

A)  Controller 
B)  purchasing agent 
C)  treasurer 
D)  manager 
E)  vendor 
A)  Controller 
B)  purchasing agent 
C)  treasurer 
D)  manager 
E)  vendor

Question 20

Each cash account is listed separately on the balance sheet.

Accepted Answer

A) True 
 B)False

Sarbanes-Oxley has not influenced Canadian standards.

Deposits in transit are:

Having security measures, proper authorization channels, and restricted access to assets is an example of what element of internal control?

The following information is for Pins & Needles Inc for September. Requirements: A. Prepare the journal entry to record the transactions below. B. Determine the cash balance in the general ledger. Show the general ledger account.

The Pumpkin Party Company deposited $1,000 into its bank account, but the bank statement does not show the deposit. This $1,000 is an example of a(n) __________.

Record the necessary journal entries from the following bank reconciliation information for July 31,2013:

Being unethical is the same thing as being unlawful.

Embezzlement usually involves the misappropriation of business:

Internal control is a comprehensive system that helps an organization do all of the following EXCEPT:

The delegation of authority and leadership is part of the control environment of an internal control system.

Streamlined payment procedures now involve the use of electronic data interchange and electronic funds transfer between and among suppliers and merchandisers.

Receiving favours from a supplier by turning a blind eye to the delivery of inferior goods is a form of __________.

A petty cash fund is established by making a cheque payable to cash, cashing the cheque, and placing the funds in a safe, locked location.

An employee may embezzle by taking bribes or kickbacks from:

Identify each of the following examples as an element of internal control.

Under SOX, the Chief Executive Officer and Chief Financial Officer must sign off on:

In dealing with ethics, saying "Do as I say, not as I do" works very well.

Newfoundland Equipment established a petty cash fund of $500 on January 1. Prepare the journal entry to record the creation of the fund.

The ________ usually assumes responsibility for the custody of cash.

Each cash account is listed separately on the balance sheet.

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

Sarbanes-Oxley has not influenced Canadian standards.

Deposits in transit are:

Having security measures, proper authorization channels, and restricted access to assets is an example of what element of internal control?

The following information is for Pins & Needles Inc for September. Requirements: A. Prepare the journal entry to record the transactions below. B. Determine the cash balance in the general ledger. Show the general ledger account.

The Pumpkin Party Company deposited $1,000 into its bank account, but the bank statement does not show the deposit. This $1,000 is an example of a(n) __________.

Record the necessary journal entries from the following bank reconciliation information for July 31,2013:

Being unethical is the same thing as being unlawful.

Embezzlement usually involves the misappropriation of business:

Internal control is a comprehensive system that helps an organization do all of the following EXCEPT:

The delegation of authority and leadership is part of the control environment of an internal control system.

Streamlined payment procedures now involve the use of electronic data interchange and electronic funds transfer between and among suppliers and merchandisers.

Receiving favours from a supplier by turning a blind eye to the delivery of inferior goods is a form of __________.

A petty cash fund is established by making a cheque payable to cash, cashing the cheque, and placing the funds in a safe, locked location.

An employee may embezzle by taking bribes or kickbacks from:

Identify each of the following examples as an element of internal control.

Under SOX, the Chief Executive Officer and Chief Financial Officer must sign off on:

In dealing with ethics, saying "Do as I say, not as I do" works very well.

Newfoundland Equipment established a petty cash fund of $500 on January 1. Prepare the journal entry to record the creation of the fund.

The ________ usually assumes responsibility for the custody of cash.

Each cash account is listed separately on the balance sheet.

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